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Xstrata receives Australian competition clearance for LionOre offer UPDATE


Published : Thu, 19 Apr 2007 09:46
By : Agencies
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LONDON (Thomson Financial) - Xstrata PLC said it received clearance from the Australian Competition and Consumer Commission for its 18.50 cad a share offer for nickel producer LionOre Mining International Ltd.

The Australian Foreign Investment Review Board already approved the offer, leaving Xstrata free to proceed with no further regulatory approvals required in the country.

Xstrata is still awaiting approval from the South African competition authorities and from Investment Canada, a foreign investment review. On Tuesday, the group announced it received clearance from the Canadian competition bureau.

Xstrata, the world's fourth-largest nickel producer, needs a 66.6 pct acceptance level from LionOre shareholders.

julie.crust@thomson.com

jc

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