SPH Sphere Min Fpo (delisted)

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Share Name	Share Symbol	Market	Type
Sphere Min Fpo (delisted)	ASX:SPH	Australian Stock Exchange	Ordinary Share

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Sphere Minerals: Acorn Capital To Accept Xtrata's Offer

08/11/2010 5:07am

Dow Jones News

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The second-largest shareholder in Sphere Minerals Ltd. (SPH.AU) will accept Xstrata Plc's (XTA.LN) A$513.6 million offer for the Mauritania-focused iron ore miner, giving a crucial advantage to the Anglo-Swiss miner in its battle for control of the company with a consortium of Chinese steelmakers.

In a statement Monday, Sphere said Acorn Capital Ltd., an Australian investment fund with 11.59% of Sphere shares, would accept Xstrata's A$3-a-share offer rather than a rival bid led by Singapore-based iron ore trader Sin-Tang Development valued at A$3.25 a share.

Sin-Tang is Sphere's largest shareholder, with 13.5% of the company's equity.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com