Philippine company offers to buy Australia's Indophil Resources

By Reuters

Sep 24, 2014 10:25 AM EDT

Indophil Resources NL said on Tuesday Philippine-based conglomerate Alsons Group has offered to fully acquire the Australian company for $0.30 a share in an all-cash deal.

The offer represents a 43 percent premium to Monday's close.

Indophil owns 37.5 percent of Sagittarius Mines Inc, the operator for the Tampakan project in the southern Philippines province of South Cotabato. Tampakan is believed to be one of the biggest undeveloped copper and gold mines in Southeast Asia.

Mining giant Glencore, which holds 13.1 percent stake in Indophil, intends to approve the acquisition.

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