Xstrata Raises Bid for Sphere

The Wall St. Journal.com reports that the battle continues between the Chinese government and Xstrata (LON:XTA) as Xstrata raises it’s bid to acquire Sphere (ASX:SPH).

The story is quoted as saying:

The moves sent Sphere’s Australia-traded shares up 19%, climbing 47 cents to 2.95 Australian dollars (US$2.95), just short of Xstrata’s revised A$3-a-share cash offer. But Sin-Tang Development, a Singapore-based iron ore trader backed by Chinese steel makers, said it was preparing an alternative proposal for Perth-based Sphere to trump Xstrata.

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