Africa: boom time iron ore, with adventure

Mineweb.com reports that Sphere Mineral’s (ASX:SPH)  stock shot up when it was announced that Xstrata (LON:XTA)  had placed a bid to take them over.

The editorial is quoted as saying:

The battle is on, all right. On 28 October, Xstrata announced that unless it had received acceptances from at least 50% of Sphere’s shareholders by the close of business on 12 November, Xstrata would allow the offer to lapse. Sphere’s board of directors unanimously continues to support Xstrata’s bid, in the absence of a “superior” offer. It is thought that Xstrata can currently speak for 30% of Sphere’s issued stock.

To access the full editorial, click here.