Xstrata Plc is mulling whether to launch a counterbid for Lionore Mining International after its earlier 4 bln usd takeover offer for the Canadian gold and nickel miner was outbid by Russia's Norilsk Nickel.
'We may either withdraw or launch a counter-bid. Currently we are assessing our position,' Xstrate chief executive Mick Davis said in an interview with Swiss bi-weekly Finanz und Wirtschaft.
On Monday, Lionore said that Norilsk's 4.8 bln usd offer was superior to Xstrata's earlier bid.
Asked about possible alternatives should the Lionore takeover fail, Davis said that Xstrata is permanently assessing potential additions but said that growth does not depend on acquisitions.
Davis said that he expects the consolidation in the raw materials sector to continue and that further transactions of the size of Alcoa Inc (nyse: AA)'s 33 bln usd bid for Alcan Inc are bound to happen.
He also said that the mining sector is facing rising costs such as raw material prices, the costs of machinery and an increasing shortage of skilled labour.
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