Singapore firm to counter Xstrata’s Sphere bid

Singapore-based company Sin-Tang Developments reported that it is planning a counter proposal to coal and base metals miner Xstrata’s (LON:XTA) A$428 million ($416 million) offer for Australian-listed Sphere Minerals (ASX:SPH).

The press release is quoted as saying:

Xstrata’s offer for Sphere, a move to expand its iron ore holdings with Sphere’s magnetite iron ore deposits in Mauritania, is due to expire on October 19.

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