[miningmx.com] — GLOBAL miner Xstrata was closer to succeeding in its takeover of iron ore prospector Sphere Minerals after 7.98% shareholder Genesis Investment Management agreed to accept Xstrata’s offer of A$3.00 a share, Sphere said.
Xtrata has set a deadline of Friday to gain at least 50% acceptances or it will pull the offer, valued at about $520m. On Tuesday Xstrata said it held about 30%acceptances.
