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Norilsk says Australia regulator clears LionOre bid

Thu May 24, 2007 2:36am EDT

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MOSCOW, May 24 (Reuters) - Russian metals giant Norilsk Nickel said on Thursday it has received clearance from the Australian Competition and Consumer Commission regulator for its offer to buy Canadian miner LionOre (LIM.TO).

Mergers & Acquisitions

Norilsk on Wednesday increased its bid for LionOre Mining International Ltd. to C$6.8 billion ($6.3 billion), raising the stakes in its battle with Xstrata Plc (XTA.L) for the world's 10th-largest nickel producer. [ID:nL2384597]

The offer will be open until June 18, unless extended or withdrawn, Norilsk said in a statement.

Norilsk has already received approval from Germany's Federal Cartel Office and has anti-trust clearance in Canada for its proposed acquisition.

Lionore has operations in Botswana, South Africa and Australia.

Mergers & Acquisitions


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