Xstrata Extends Offer for Sphere
Xstrata has extended its AUD$515 million offer to Australian iron ore company Sphere by three weeks to the date December 17. The wholly owned subsidiary company of Xstrata known as Sidero already holds 73.1% of the shares in Sphere when the offer closed on November 24.
The Swiss mining giant was preferred by the board of directors of Sphere Minerlas as compared to a rival refinancing proposal which came from Sin Tang Developments. Sin Tang also happened to be Sphere’s second largest shareholder as it holds 15% stake in the company.
Had they accepted the rival proposal from Singapore based company they would have increased their stake in Sphere Minerals to 30%. However the board of directors at Sphere Minerals urged their shareholders to reject that proposal in favour of Xstrata’s offer via Sidero.
Sidero offered to buy all shares in Sphere it did not already own for $2.50 per share on August 24, then increased its offer to $3 per share in light of Sin Tang’s offer. Now that its interest in Sphere Minerals has crossed 50% under Australian law it automatically extends the initial acceptance period by 14 days.
Written by
Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
Please use one of the following formats to cite this article in your essay, paper or report:
APA
Scanlon, Joel. (2019, March 19). Xstrata Extends Offer for Sphere. AZoMining. Retrieved on February 03, 2026 from https://www.azomining.com/News.aspx?newsID=1688.
MLA
Scanlon, Joel. "Xstrata Extends Offer for Sphere". AZoMining. 03 February 2026. <https://www.azomining.com/News.aspx?newsID=1688>.
Chicago
Scanlon, Joel. "Xstrata Extends Offer for Sphere". AZoMining. https://www.azomining.com/News.aspx?newsID=1688. (accessed February 03, 2026).
Harvard
Scanlon, Joel. 2019. Xstrata Extends Offer for Sphere. AZoMining, viewed 03 February 2026, https://www.azomining.com/News.aspx?newsID=1688.
We're committed to providing free access to quality science. By registering and providing insight into
your preferences you're joining a community of over 1m science interested individuals and help us to
provide you with insightful content whilst keeping our service free.
or
Terms
While we only use edited and approved content for Azthena
answers, it may on occasions provide incorrect responses.
Please confirm any data provided with the related suppliers or
authors. We do not provide medical advice, if you search for
medical information you must always consult a medical
professional before acting on any information provided.
Your questions, but not your email details will be shared with
OpenAI and retained for 30 days in accordance with their
privacy principles.
Please do not ask questions that use sensitive or confidential
information.
Read the full Terms & Conditions.