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. Last Updated: 07/27/2016

Norilsk Sees LionOre Deal by June 28

Norilsk Nickel expects to complete the acquisition of LionOre Mining International by June 28, when a rival offer by Xstrata is due to expire, the company's CEO said Tuesday.

Denis Morozov told a conference he considered it unlikely Xstrata would match Norilsk's $6.4 billion bid for the world's 10th-largest nickel producer.

"We consider the return of Xstrata unlikely, though possible," he said. "We have a support agreement in place and our offer has been rated the better offer."

Norilsk's latest offer for LionOre, tabled on May 23, was 10 percent above Xstrata's bid.

Xstrata on June 15 extended the expiry time for its offer to June 28 and reduced the minimum tender condition to 50.01 percent from 66.67 percent. Russian newspapers on Tuesday wrote that this could lead to a continuation of the bidding battle.