Jun 26 2007
OJSC MMC Norilsk Nickel ("Norilsk Nickel" or the "Company") announced that it received notice from South Africa's Competition Commission that its proposed acquisition of control of LionOre Mining International Ltd ("LionOre") (Toronto Stock Exchange symbol: "LIM"; London Stock Exchange symbol: "LOR"; Botswana Stock Exchange symbol: "LIONORE") has been approved under the South African Competition Act No. 89 of 1998 (as amended). The Competition Commission concluded that Norilsk Nickel's all-cash offer to the shareholders of LionOre was not likely to prevent substantially or lessen competition and, therefore, Norilsk Nickel's offer is not subject to further review under the South African Competition Act.
On May 23, 2007, Norilsk Nickel announced its increased all-cash offer to acquire all of the outstanding common shares of LionOre for aggregate cash consideration of approximately Cdn$6.8 billion. The offer is open for acceptances until 8:00 p.m. (Toronto time) on Thursday, June 28, 2007, unless extended or withdrawn.