Xstrata raised its offer for a Saharan iron ore explorer by 20 per cent on Wednesday in an attempt to stymie rival interest from a China steelmaking consortium.
The Anglo-Swiss mining company’s all-cash offer for Australia-listed Sphere Minerals, owner of iron ore properties in Mauritania, is now worth A$3 per share, or A$514m (￡320m).
Sin-Tang Development, a private consortium of Chinese steelmaking interests, has built a stake in Sphere on the open market since August 24, when Xstrata unveiled a A$2.50-per-share offer recommended by Sphere management.
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