Xstrata extends takeover deadline for Jubilee

Swiss mining giant Xstrata has extended its $3.1 billion friendly takeover bid for Jubilee Mines NL until January 31, 2008.

Xstrata had hoped to secure at least 50 per cent of the issued capital in the Western Australian nickel miner before yesterday's offer deadline, but as of this morning the level of acceptances stood at 36.12 per cent.

Jubilee shares are currently trading at $22.95 per share, compared to the offer price of $23.00 per share.

Jubilee executive chairman Kerry Harmanis and the company's senior management have agreed to sell all their Jubilee shares to Xstrata.

Xstrata's recent acquisition spree includes the purchase of two mines from Centennial Coal Ltd for $982 million and the unsolicted takeover bid for coal producer Resource Pacific Holdings Ltd.