Xstrata launches takeover bid for Australia's Indophil

SYDNEY (AFP) — Anglo-Swiss resources giant Xstrata launched a 426 million dollar (400 million US) hostile takeover bid for Australian copper miner Indophil Thursday.

Indophil immediately rejected the offer, which Xstrata said was aimed at increasing its interest in the Tampakan copper and gold project in the southern Philippines.

The offer of one dollar a share was a significant premium to Indophil's Wednesday closing share price of 78 cents, but the Australian company said it was too low.

"This is yet another example of Xstrata opportunistically trying to pull off another lowball bid for an Australian company," Indophil chief executive Richard Laufmann told Australian Associated Press.

Indophil holds a 34.23 percent interest in the Tampakan project, while Xstrata copper ...