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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: onepath	5/23/2007 3:31:43 AM
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Unreal...Bigtime flexing.The best kind of bid war... Norilsk Increases Offer for LionOre to Trump Xstrata (Update2) By Yuriy Humber and Chanyaporn Chanjaroen May 23 (Bloomberg) -- OAO GMK Norilsk Nickel increased its offer for LionOre Mining International Ltd. by almost 28 percent to C$6.8 billion ($6.3 billion), trumping an improved bid from rival Xstrata Plc. Norilsk bid C$27.50 a share, up from the C$21.50 it proposed May 3, the Moscow-based company said today in a statement. Xstrata boosted its offer for Toronto-based LionOre last week to C$6.2 billion, or C$25 a share. The shares closed at C$27.25 in Toronto yesterday. Buying LionOre would give Norilsk mines in Australia, South Africa and Botswana as nickel prices soar. Nickel is the best- performing metal in London this year. Claire Divver, a spokeswoman for Zug, Switzerland-based Xstrata, declined to comment today by telephone from London. To contact the reporters on this story: Yuriy Humber in Moscow at yhumber@bloomberg.net . Chanyaporn Chanjaroen in London at cchanjaroen

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