Xstrata extends Sphere offer by 3 weeks

Xstrata has extended its $514 million bid for Sphere Minerals by three weeks to allow it to mop up the remaininglifting sand from river bed machines shares in the iron ore junior that it doesn't already own. The Swiss mining giant said in a statement on Thursday that it had extended the closing date for the offer from November 25 to December 17.

Xstrata had an interest in Sphere of 73.31 per cent on Wednesday. It attained an initial stake in the target of 5.46 per cent in August when Sphere's directors accepted the offer. Sphere backed the Xstrata takeover in preference to a rival refinancing proposal from Sin-Tang Developments, Sphere's second largest shareholder. The rival proposal would have taken the Singaporean firm's interest in Sphere to 30 per cent, from about 15 per cent.