Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Tuesday 02nd of December 2008
Tuesday, June 10, 2008

Vale eyes major takeover target

Story link: Vale eyes major takeover target
by Gill Montia
Vale eyes major takeover target

Vale do Rio Doce, the Brazilian mining group, is reported to be working on a bid for one of the world’s largest mining companies.

According to a report in the daily newspaper, O Estado de S Paulo, the group is planning to raise funds for the takeover through the issue of shares in the international market.

Sources at Vale have apparently suggested three names as likely takeover targets: Anglo American, Freeport-McMoRan Copper & Gold, and Alcoa Inc.

The rumours had an immediate impact on Alcoa’s shares, which rose by around 4% yesterday on the New York Stock Exchange.

Vale could certainly be in the mood for a major acquisition. The group made a bid for Xstrata earlier this year in a deal could have been worth as much as £45 billion.

Negotiations took place over several months but were eventually abandoned by Vale, which stood to match BHP Billiton in iron ore production had the acquisition gone ahead.

At the time, mining company experts at Citigroup predicted that the demise of the Vale/Xstrata deal would not be the end, but just the beginning of a new wave consolidation in the mining sector.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related posts to: Vale eyes major takeover target

Vale takeover of Xstrata reaches impasse ...

Japan demands details of BHP bid for Rio ...

BHP makes slow progress in Rio takeover approvals ...

Vale and Xstrata seek other opportunities as merger plans fail ...

Oxiana launches friendly takeover of Zinifex ...

Latest Metals News:

Latest News  BHP Billiton scraps plans to acquire Rio

Latest News  Base metals see more price declines

Latest News  Copper prices fall on inventories, US housing data

Latest News  Copper, aluminium gain after early declines

Latest News  Gold drops half a dollar in New York

Latest News  Copper pares gains on US retail data

Latest News  Copper, aluminium inventories continue to climb

Latest News  Alcoa delays expansion at Wagerup and cuts production

Latest News  Platinum, palladium down on auto sector problems

Latest News  China’s stimulus plan sends most metals higher


Previous: « Halo commences drilling at West Red Lake
Next: Kagara to purchase Maitland copper deposit »

Visited 1010 times, 4 so far today

Gold ($/troy ounce):

Silver ($/troy ounce):

Platinum ($/troy ounce):