Xstrata increases Falconbridge offer by 7.2 percent

Switzerland-based mining group Xstrata Plc increased its offer for Canadian nickel miner Falconbridge Ltd by 7.2 percent to $16.3 billion. The company announced that it will pay C$62.50 ($55.08) a share for the 80 percent of Falconbridge. The previous offer of Xstrata was C$59 per share. The increased offer by Xstrata will expire on August 14, 2006. Toronto-based Falconbridge said that it is reviewing the details of Xstrata's new offer.