Philippines goldfield battle back on as Xstrata ups bid

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Xstrata already owns 62.5% of the Tampakan mine venture in the south eastern Philippines, and last month its Australian subsidiary launched a A$1-a-share, £200 million takeover of Indophil, the company that owns most of the rest of the project.

That offer valued Indophil at a 28% premium to its prevailing share price.

However, amid recriminations that Xstrata was attempting to get Tampakan on the cheap, Indophil's management wooed venture capitalists into making a better alternative offer.

Indophil's chief executive Richard Laufmann, backed by funds managed by Crosby Capital Partners of Hong Kong and Alsons Group of the Philippines, said it would offer A$1.28 a share for Indophil in a buy-out valuing the company at around £260 million. That proposal was recommended by the Indophil board.

When news of that counter-offer emerged on Friday, Xstrata said it would be walking away. However, after meetings with shareholders over the weekend, the hostile takeover is back on.

Xstrata said today: "Having now had time to further consider its options with regard to its offer for Indophil, Xstrata wished to confirm that it now intends to match the offer made by the Crosby Capital consortium by increasing its offer to A$1.28."

Tampakan is fast becoming a political hot potato. Communist insurgents attacked the mine earlier this year, and promised further violence against "foreign capitalists" they accused of taking the country's underground wealth.