LIM & RNO - Still potential for increase on LIM as stated that a 20% increase on existing offer is still 6.5x EV/EBITDA. Compares well to takeouts of Falconbridge & Inco at roughly 7x EV/EBITDA. This is of course taking into account higher prices for metal now as well. Norilsk would have to believe that high nickel is here to stay. Since it entered into the acquisition foray, maybe they think that. Or they could be just pushing up the price for Xstrata so their own valuations remain high. What to do?
RNO is a different situation, since it is a much smaller play, so maybe it is going below the radar. Though w/ the amount of M&A happening I would think some more mining companies would start thinking eat or be eaten. It is still being taken out rather cheaply.
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