Lonmin receives £5bn takeover offer

Shares in Lonmin soared almost 50% today after Anglo-Swiss mining firm Xstrata made a £5bn (€6.3bn) offer for the world’s third-largest platinum producer.

Xstrata bid £33 (€42) per Lonmin share, a 42% premium over its £23.19 (€29.3) Tuesday close price, but Lonmin said the approach was “opportunistic and entirely unwelcome”.