Freshfields Bruckhaus Deringer is advising Swiss mining giant Xstrata on a $10bn (£5.15bn) hostile bid for Lonmin, the world's third-largest platinum producer, writes The Am Law Daily.Lonmin rejected the hostile bid, describing it as "opportunistic" and "entirely unwelcome" in a statement issued by Lonmin's board on Wednesday (6 August).The target company's shares jumped over 50% after Xstrata announced its bid, driving share prices higher than the premium represented by Xstrata's offer.
August 07, 2008 at 08:03 AM
1 minute read
The original version of this story was published on Legalweek
Freshfields Bruckhaus Deringer is advising Swiss mining giant Xstrata on a $10bn (£5.15bn) hostile bid for Lonmin, the world’s third-largest platinum producer, writes The Am Law Daily.
Lonmin, which has instructed Herbert Smith, rejected the hostile bid, describing it as “opportunistic” and “entirely unwelcome” in a statement issued by Lonmin’s board on Wednesday (6 August).
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