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Xstrata bids for Lonmin

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Xstrata bids for Lonmin

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Anglo-Swiss mining company Xstrata has launched a hostile 6.3 billion euro takeover bid for the world’s third-biggest platinum producer, Lonmin. It has already bought 8% of the London based company’s shares, but Lonmin rejected the offer calling it “opportunistic and entirely unwelcome.” Xstrata says it has the expertise to turn around Lonmin’s South African mines which have repeatedly cut production targets due to operational problems, smelter difficulties and power shortages.