Xstrata Jumps On Lonmin Share Plunge To Boost Stake

Xstrata spent $784 million this morning to boost its stake in Lonmin to 25% after Lonmin shares plunged when Xstrata dropped its hostile takeover bid. The mining giant had cited concerns about its ability to fund the deal when it backed away from platinum producer. Xstrata’s buying spree effectively blocks other bidders for Lonmin. (Bloomberg)