October 2008

Lonmin – Defence against bid from Xstrata

Cardew has advised its retained client Lonmin on a successful defence against a hostile $10bn offer from Xstrata. Lonmin is the No 3 global producer of platinum group metals, which are subject to some supply constraints, but are in long-term demand growth driven by jewellery and automotive catalytic converters.    The opportunistic bid approach was initiated in August after a sharp fall in Lonmin’s share price

Contacts: Anthony Cardew, Rupert Pittman and Jamie Milton