PMEA Blog

By Edwin G. Espejo
Contributor

GENERAL SANTOS CITY — The bid war to wrest control over the 34.5 per cent stake of Australian-based Indophil Resources NL at Sagittarius Mines Inc. (SMI) took a new twist as a new consortium upped its bid statement to outmaneuver Anglo-Swiss owned Xstrata Copper.

XStrata PLC, which owns Australia-based Xstrata Copper, earlier tendered an offer to buy the 17.7 per cent share of Lions Selection at Indophil Resources at $1 dollar per share but a Hongkong-based company, Crosby Capital Partners, joined forces with Filipino corporation Alsons Corporation to improve the Xstrata offer by 28 cents more per share last June.

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