Lonmin Rejects Xstrata Control

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.

To view the whole Reuters report, click here.