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Reuters reported that Lonmin has rejected proposals that would grant Xstrata control, and is instead forging ahead on its own, with a $817 million cash call.
Reuters reported that Lonmin has rejected proposals that would grant Xstrata control, and is instead forging ahead on its own, with a $817 million cash call.
As quoted in the market report:
Under the proposal made last month, Xstrata would have sold its South African platinum group metals (PGM), chrome and vanadium businesses to Lonmin for shares, conditional on a $1 billion rights issue alongside, which they would underwrite.