02.10.2008 - Xstrata drops £5.6bn Lonmin bid but raises stake to block rivals
From Telegraph: Chief executive Mick Davis blamed "extreme volatility and uncertainty" in the financial markets for his decision to pull the £33-a-share offer ahead of today's deadline imposed by the Takeover Panel. Xstrata said that while it could have secured the necessary $10 bln financing for the deal, "the current lack of clarity and certainty regarding the future availability of credit introduces significant risks into the financing package available". ..... Full Article: Source
Print