Timeline: Major acquisitions by Xstrata since 2002

Wed Aug 6, 2008 9:21am EDT

(Reuters) - Lonmin Plc (LMI.L), the world's third-biggest platinum producer, rejected an unsolicited takeover bid worth $10 billion from mining group Xstrata (XTA.L) on Wednesday, saying the 33-pound per share cash offer undervalued the company.

Xstrata has grown from a small Swiss producer of steel alloys in the late 1990s to the fifth-biggest mining group by market value through a string of acquisitions.

Following is a chronology of the Anglo-Swiss group's major acquisitions since March 2002, when Xstrata plc was created through an initial public offering on the London Stock Exchange:

March 2002 - Xstrata acquires Glencore's GLEN.UL Australian and South African coal assets for $2.5 billion, becoming the world's largest exporter of thermal coal.

January 2003 - Xstrata buys the German Nordenham zinc smelter from Metaleurop for $100 million.

June 2003 - Xstrata completes the acquisition of MIM Holdings, an Australian metals and mining group which produces coking coal, copper, zinc, lead, silver and gold assets, for $2.9 billion.

April 2004 - Xstrata purchases 45 percent of the Cook Colliery from Centennial Coal Company Ltd CEY.AX for $6.35 million, increasing its stake in the Queensland-based coking coal mine to 95 percent.

August 2005 - Xstrata buys 19.9 percent of Canada's Falconbridge Limited for $1.7 billion to add nickel to its suite of commodities and expand into North American markets.

October 2005 - Xstrata acquires the remaining 80 percent of Falconbridge, with the total cost of the takeover amounting to $18.8 billion.

March 2006 - Xstrata acquires a one-third stake in the Colombian coal operation, Cerrejon, from Glencore International, for $1.7 billion.

June 2006 - Xstrata buys Tintaya, Peru's third-biggest copper mine, from BHP Billiton (BLT.L) for $811 million.

August 2007 - Xstrata acquires South Africa's Eland Platinum in a $1 billion takeover in a bid to tap booming demand for the metal from Asia.

August 2008 - Xstrata unveils a $10 billion takeover bid for the world's third-biggest platinum producer Lonmin, aiming to diversify its business from industrial metals such as copper.

-- South Africa-focused Lonmin swiftly rejects the bid.

Sources: Reuters; www.xstrata.com;

(Writing by Jijo Jacob, Editing by David Cutler and Erica Billingham)

Related Quotes and News

Company
Price
Related News
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.