Norilsk Nickel ups LionOre Mining offer to C$27.50 a share
By Sarah Turner Last Update: 2:48 AM ET May 23, 2007
LONDON (MarketWatch) -- Russia's Norilsk Nickel said Wednesday that it has raised its offer for LionOre Mining (UK:LOR : UK:LOR News , chart , profile , more Last:
CA:LIM, , ) to C$27.50 a share from a previous level of C$21.50 a share. The increased offer represents a total cash amount of C$6.8 billion. Norilsk Nickel said that its new offer will give LionOre shareholders around $620 million more cash than the last offer from its bid rival Xstrata (UK:XTA : UK:XTA News , chart , profile , more Last:
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: UK:XTA, , ) . "Norilsk Nickel's decision to increase its offer reflects the quality and strategic value of LionOre," said Norilsk Nickel's General Director, Denis Morozov. Norilsk Nickel said that it firmly believes its new bid constitutes a "superior proposal" under the terms of the support agreement that LionOre entered into with Xstrata.
LIM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held