Swiss-based mining giant Xstrata has sought to expand its global reach with a EUR 6 billion bid for British-based platinum producer Lonmin. Lonmin has termed the bid as “opportunistic and unwelcome.” Xstrata already held an 8.03% stake in Lonmin, and has bought a further 2.65%. The British company rejected the bid saying it had undervalued its business. Earlier this year, Xstrata launched a EUR 256.4 million bid for Australian-based miner Indophil Resources NL, and recently bought another Australian group Jubilee Mines for USD 3.1 billion.
