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Xstrata could revive bid for Lonmin

Miningmx reporter | Mon, 26 Jul 2010 09:27
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[miningmx.com] -- XSTRATA, the UK-listed mining group, could renew its bid to seize control of Lonmin after the platinum group's shares fell 30% off their April peak, Bloomberg News reported citing a note from Sanford C Bernstein, a stockbroker.

In addition, Xstrata had reduced its total debt, said Sanford C Bernstein analyst Paul Galloway.

Xstata abandoned a hostile bid for Lonmin in October 2008 after a plunge in metal prices. It could revive its bid, however, as Mick Davis, Xstrata CEO, said he did not want his company to remain a minority shareholder in Lonmin.

"The possibility of Xstrata rebidding for Lonmin has increased," Galloway wrote in his report. Xstrata "is becoming rapidly degeared," he said.

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