Norilsk Nickel ups LionOre Mining offer to C$27.50 a shareBy...

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
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UK:LOR, , ) (CA:LIM : CA:LIM
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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
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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.