JUST as it looks flat on the dealmaking front, another one pops up, with Xstrata's $428 million bid for Perth mid-tier miner Sphere Minerals the latest to give bankers something to cheer about. The most thankful was the in-demand Deutsche Bank and Mallesons on Xstrata's side (Deutsche is also advising AWB), and lawyers Gilbert + Tobin for Sphere. Like Brookfield on its takeover of Prime, Sphere chose to go without a financial adviser, which isn't hugely uncommon in the smaller space. But what does Xstrata's play for an African-focused iron ore explorer mean?
Goldman Sachs analyst Malcolm Southwood reckons one thing -- more takeovers, with the tragically board-decimated Sundance Resources possibly next.
