Xstrata extends Sphere takeover close

Xstrata has extended by 10 days its $428 million takeover bid for Mauritania-focused
iron ore mine developer Sphere Minerals Ltd.
Xstrata on Monday pushed back the closing date for the cash offer of $2.50 per share
from October 19 to October 29.
The Swiss mining giant has managed to lift its stake in the target from 5.46 per
cent, early last month when the bidder's statement was lodged, to 8.25 per cent on
Monday.
Sphere Minerals recommended the offer to its shareholders when it was first
announced in late August.
Sphere Minerals shares retreated nine cents, or 3.47 per cent, to $2.50 on Monday.
It was the first time since September 1 that the shares did not close above the bid
price.
Speculation last week that an 8.63 per cent shareholder, Singapore-based Sin-Tang
Development Pte Ltd, was planning a rival proposal was quashed by Sphere Minerals.



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