Loan market’s woes force Xstrata to abandon $15bn jumbo
Xstrata, the Anglo-Swiss miner, has been forced to abandon plans to takeover Lonmin, the UK platinum group, because of the turmoil afflicting debt markets. It announced today that “unprecedented uncertainty in the financial markets” had caused it to back away from a bid. At the beginning of August it proposed a £5bn ($8.89bn), or £33 a share, cash offer for Lonmin.
Unlock this article.
The content you are trying to view is exclusive to our subscribers.
To unlock this article:
- ✔ 4,000 annual insights
- ✔ 700+ notes and long-form analyses
- ✔ European securitization issuance database
- ✔ Daily newsletters across markets and asset classes
- ✔ 1 weekly securitization podcast
