Lonmin Tells Shareholders to Support $817 Million Cash Call

Reuters reported that Lonmin, in their latest move to resist a takeover from Xstrata, is encouraging its shareholders to support an $817 million cash call.

As quoted in the market report:

Under a first proposal made last month, Xstrata would have sold its South African platinum group metals, chrome and vanadium businesses to Lonmin for shares, conditional on a $1 billion rights issue, which they would underwrite.

To view the whole Reuters report, click here.