IRN

Anglo Swiss Global miner Xstrata has decided to match the rival bid for Australian listed Indophil Resources Limited. It has currently placed its bid for $1 per share as the take over bid for INdophil Resources. The Crosby consortium led by Hong Kong bank currently leads the take over proposal with its $1.28 per share bid. Xstrata had announced on Friday that it shall not lift its bid of $1.00 per share but now seems to have quickly changed its mind and decided to match the $488 million take over bid for the giant underdeveloped copper mine in Philippines.