Xstrata bid 'too low'

Platinum Asset Management, which owns 2.5 per cent of MIM Holdings, advised shareholders in the coal and copper producer to reject a A$4.93 billion ($5.53 billion) takeover bid by Xstrata because it was too low.

Platinum supported MIM managing director Vince Gauci's opposition to the takeover, Platinum managing director Kerr Neilson said in a letter to MIM shareholders.