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SMC SPDR MSCI Europe Small Cap UCITS ETF

302.40
-1.90 (-0.62%)
23 Dec 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
SPDR MSCI Europe Small Cap UCITS ETF EU:SMC Euronext Exchange Traded Fund
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -1.90 -0.62% 302.40 255.00 323.00 304.00 302.40 303.15 1,296 16:40:00

San Miguel Mulls Tender Offer To Acquire 100% Of Indophil

12/10/2010 6:15am

Dow Jones News


SPDR MSCI Europe Small C... (EU:SMC)
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Philippine conglomerate San Miguel Corp. (SMC.PH) said Tuesday it may initiate a tender offer to acquire 100% of Indophil Resources NL (IRN.AU), the Australian miner which owns a 37.5% stake in the Tampakan copper-gold project in the country's south.

Last week, San Miguel acquired a 10.1% stake in Indophil for $40 million via a share placement agreement involving 48 million new shares.

A tender offer would be subject to the results of the due diligence that the company will be conducting, San Miguel said in a statement to the stock exchange.

The Tampakan project, controlled by Anglo-Swiss miner Xstrata PLC (XTA.LN), has a total resource estimate of 2.4 billion metric tons, with a grade of 0.6% copper and 0.2% grams a ton of gold.

The development cost of the project, touted to become the Philippines' biggest mining project, is estimated at US$5.2 billion.

-By Rhea Sandique-Carlos, Dow Jones Newswires; 632-848-5051; rhea.sandique-carlos@dowjones.com

 
 

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