Lonmin says that it has ended talks with a potential suitor over discussion regarding a takeover bid.

The world's fourth largest platinum miner announced last week that preliminary talks had taken place with another firm over the possibility of buying a majority stake in the company.

The news sent the stock price soaring as intense speculation began over the identity of the mystery suitor and the potential impact on the miner's fortunes.

Lonmin saw its share price rise, but the news also impacted across the pgm sector, as Aquarius Platinum shares enjoyed double digit percentage growth and both Implats and Angloplat experienced large rises on the Johannesburg exchange.

However, today the miner confirmed talks had ended and quashed any immediate speculation of a buyout.

"Lonmin announces that there are no longer any discussions taking place which may lead to an offer for the company," the company said.

Lonmin's share price dropped on the news, with the stock currently down by around eight per cent on its opening value this morning.


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