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London - Lonmin is exploring a three-way merger with two rivals to create the world's second-biggest platinum company and
evade being taken over by mining giant Xstrata, the Sunday Telegraph reported.
The secret talks which started several weeks ago involve a plan by Aquarius Platinum and Mvelaphanda Group, the South African conglomerate, to reverse into Lonmin to create a rival platinum giant to Anglo Platinum the world's biggest producer of the metal, the paper added.
Under the terms of the deal, which are not yet finalised, Lonmin shareholders would be offered an all-share deal, thought to be worth £38 a share, rather than selling out for cash to Xstrata, it added.
Last month, Xstrata said it was planning to launch a £5bn all-cash offer for the platinum producer worth £33 a share, but this was rejected by Lonmin.
Lonmin was not immediately available for comment.
- Reuters