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. Last Updated: 07/27/2016

Norilsk Nickel Acquires 90% of LionOre

Norilsk Nickel said Friday that it had acquired about 90 percent of LionOre's shares.

About 201.1 million shares were deposited to its offer, Norilsk said in a statement. Norilsk, the world's largest nickel miner, extended its $6.4 billion cash bid for the remaining stock to July 10.

"Norilsk will be less affected by perceptions of political risk associated with Russia," Alexei Belkin, who manages $400 million at Aton Capital, said Friday.

Norilsk trumped a rival bid from Zug, Switzerland-based Xstrata to seal the biggest-ever foreign acquisition by a Russian metals producer. Xstrata said June 4 that it would not increase its offer. The transaction enables Norilsk to expand into South Africa and Botswana, and adds to the company's Australian operations.

LionOre is Norilsk's fourth overseas acquisition.