London-listed miner Xstrata said on Tuesday Canada's LionOre Mining International had agreed to an improved offer worth C$6.2 billion ($5.6 billion), or C$25 per share.
That tops a C$21.50 per share offer for LionOre, the world's No. 10 nickel miner, on May 3 from Russia's Norilsk Nickel, the world's largest nickel miner.
On March 26, Xstrata first said it was set to buy LionOre, for an agreed C$4.6 billion dollars, or C$18.50 per share, to widen its geographic spread. Xstrata has since got regulatory clearances from Australia, Canada and the European Union.
"The board of directors of LionOre, after consultation with its financial and legal advisors, has unanimously approved entering into the amending agreement and recommends that LionOre shareholders tender to the increased offer," Xstrata said in a statement on Tuesday.