Business Services Industry
Xstrata set to bag LionOre.
Australasian Business Intelligence, March, 2007
Byline: Tony Boyd
Mar 26, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Xstrata's friendly $C4.6 billion cash offer for LionOre Mining has been endorsed by the LionOre board of directors in Canada. The acquisition, at $C18.50-a-share, will boost Xstrata's annual nickel production by approximately 40 per cent. LionOre, which is listed on the Australian stock exchange, has been described as the world's last pure nickel play. An estimated six per cent of the group's issued capital is held by Australian investors. LionOre shares will be delisted from the Australian market in June 2007 and will be listed in Canada. The group's stock was placed in a trading halt on 26 March.
Publication Date: 27 March 2007
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