Norilsk says Australia regulator clears LionOre bid
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.
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: Quote, Profile, Research, Stock Buzz) 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The offer will be open until June 18, unless extended or withdrawn, Norilsk said in a statement.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.
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