LONDON (Thomson Financial) - Xstrata PLC. said it has acquired, through a wholly-owned subsidiary, a further 4,147,060 Lonmin plc. shares at 3300 pence each, representing approximately 2.65 percent. Xstrata now holds 16,706,483 Lonmin shares, representing around 10.68 percent.
Earlier Wednesday Lonmin rejected an unsolicited takeover bid worth $10 billion from mining group Xstrata, saying the 33-pound per share cash offer undervalued the company.
'This is an opportunistic and entirely unwelcome attempt to acquire Lonmin at a price which undervalues its unique assets,' the world's third-biggest platinum producer said in a statement. tf.TFN-Europe_newsdesk@thomsonreuters.com slm COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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