xstrata bid blocked as sin-tang (official)

http://www.theaustralian.com.au/business/city-beat/xstrata-bid-blocked-as-sin-tang-raises-stake-in-sphere-minerals/story-fn4xq4cj-1225942347090

Xstrata bid blocked as Sin-Tang raises stake in Sphere Minerals

SIN-TANG has upped its stake in takeover target Sphere Minerals to beyond 10 per cent, effectively blocking Xstrata's $428 million bid.
It is understood Singapore-based Sin-Tang, advised by Argonaut Securities, also plans to offer Sphere a rival proposal involving project finance for its Askaf Project in Mauritania in exchange for equity in the project.

Askaf is expected to require about $540m to develop.

Sin-Tang today lodged a filing with the Australian Securities Exchange, showing it has boosted its stake to 10.77 per cent from 8.48 per cent after buying shares from two institutions on-market yesterday.

Xstrata, advised by Deutsche Bank, has struggled to gain traction for its $2.50 a share offer, securing just 8.35 per cent, of which the majority has been committed by Sphere?s directors.


Xstrata yesterday again extended its offer by two weeks, to close November 12.

But because it has been extended by more than one month, it is understood shareholders who have accepted can withdraw their acceptances.