Xstrata buys Lonmin shares and ups stake to 24.9 pct
LONDON (Reuters) - Miner Xstrata (XTA.L) boosted its stake in number three platinum producer Lonmin (LMI.L) to 24.9 percent, the maximum level allowed by regulators after it walked away from making a formal bid for the firm on Wednesday.
Xstrata, which already had a 10.7 percent stake, bought 22.2 million shares at an average of 19.79 pounds each for a total of $786 million, a statement said.
(Reporting by Eric Onstad; Editing by Paul Bolding)
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