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From: TheSlowLane	8/6/2008 8:43:38 AM
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Xstrata makes $10 billion bid for platinum miner Lonmin, reports $2.75 billion 1H profit Frank Jordans August 6, 2008 - 07:41 a.m. GENEVA (AP) - Anglo-Swiss mining giant Xstrata PLC said Wednesday it was making a $10 billion cash offer for Lonmin PLC, the world's No. 3 platinum producer. The move sent Lonmin shares soaring 47.7 percent to 34.25 pounds ($66.92) on the London Stock Exchange, but the company immediately rejected the offer as not high enough. "This is an opportunistic and entirely unwelcome attempt to acquire Lonmin at a price which undervalues its unique assets," Lonmin said in a statement. The London-based company urged shareholders not to sell, adding it would make further announcements shortly. canadianbusiness.com

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