Possible take over by XstrataXstrata will now be sitting on a large cash pile. It will be interesting to see if [chief executive] Mick Davis can resist spending it on an acquisition having made 'organic growth' comments recently. Xstrata should make a decision on what to do with Lonmin and its platinum business. For Xstrata to become a sizable player it would need to add Lonmin and possibly Eastern Platinum. We would put Lonmin and East Plats on M&A watch as it is a sector Davis seems keen on.