Canadian Mining Journal

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NICKEL MERGER – Xstrata bows out of LionOre hunt

TORONTO - XSTRATA NICKEL has elected not to match NORILSK NICKELs offer for LIONORE MINING INTERNATIONAL, effectiv...


TORONTO – XSTRATA NICKEL has elected not to match NORILSK NICKELs offer for LIONORE MINING INTERNATIONAL, effectively leaving Xstrata on the sidelines. Xstratas offer of $25.00 per LionOre share will remain on the table until the extended deadline at midnight PDT, June 15, 2007.

The directors of LionOre threw their support behind Norilsk on May 24, acknowledging the Russian bid as superior. Norilsk is offering a deal worth $27.50/share. Meanwhile, Norilsk (www.NorNik.ru.en) continues to receive approvals for the deal from various competition authorities around the world.


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