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World Business Briefing: Canada: Lionore Board Backs A New Bid


The Swiss mining company Xstrata increased its offer for LionOre Mining International of Canada to 6.2 billion Canadian dollars ($5.6 billion), trumping a bid from Norilsk Nickel of Russia. Xstratas bid, worth 25 Canadian dollars ($22.54) a share, is 16 percent more than the 21.50 Canadian dollars ($19.38) offered on May 3 by Norilsk, the worlds largest nickel miner. A statement on LionOres Web site said its board recommended shareholders accept the offer by Xstrata, which is based in Zug, Switzerland. Norilsk, based in Moscow, would not say whether it planned to raise its offer.

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