if only Marampa could get a bidding...

if only Marampa could get a bidding war.
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Xstrata falls on fears of bidding war for Sphere.

Xstrata was in focus amid worries it could be drawn into a bidding war for Sphere, a West African iron ore miner listed in Australia. (asx:SPH)

By Ben Harrington
Published: 7:04PM BST 30 Sep 2010

In August, London-quoted Xstrata said it had agreed to buy Sphere for A$2.50 a share or A$428m (GB263m). However, since then Chinese steel maker Haoning's investment arm, Sin-Tang, has built an 8.6pc stake in Sphere and speculation is mounting it could be planning a counter-offer. Royal Bank of Canada said in a note this week that Sin-Tang's stakebuilding "raises the chances of a second offer".

Meanwhile, several Sphere investors are understood to be unhappy with Xstrata's offer, saying it is too low. Sources said some of these shareholders are canvassing other potential bidders in the hope of attracting an offer. These investors may then offer their shares directly to any counter-bidder.

http://www.telegraph.co.uk/finance/markets/marketreport/8035579/Xstrata-falls-on-fears-of-bidding-war-for-Sphere.html