Swiss mining giant Xstrata on Wednesday announced a bid for Lonmin, describing it as the world's third largest platinum producer and valuing the company at more than six billion euros.
Xstrata, which has interests in copper, coal, ferrochrome, nickel, zinc, gold, cobalt, lead and silver, and is listed on both the London and Swiss stock exchanges offered 33 pounds (42 euros, 65 dollars) a share.
That amounted to 42 percent more than its closing price of 23.19 pounds on the London stock exchange on Tuesday, said a statement from Xstrata.
The offer values the company at about five billion pounds (6.3 billion euros, 9.8 billion dollars).
Xstrata already has an 8.03 percent stake in Lonmin.
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