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Vale will offer $1.1bn for refined Cu producer Paranapanema

July 30, 2010 - 15:24 GMT Location: São Paulo

KEYWORDS: Vale , Paranapanema , refined copper , copper cathode , Brazil

Vale will launch a $1.13 billion public offer to acquire up to 100% of Paranapanema, Brazil’s largest producer of refined copper and the country’s sole producer of London Metal Exchange-certified copper cathode, it said on Thursday

The Brazilian diversified miner will offer to buy all of Paranapanema’s shares for 6.3 Reais per share, valuing the deal at 2.01 billion Reais ($1.13 billion), the company said. The deal would represent a premium of 22.3% to the last 90 days volume-weighted average of the closing prices of Paranapanema shares, and an 8.6% premium from Wednesday’s price. The auction will be held on September 1, Vale said, adding that it will need 50% plus one share for the move to be valid. “If the offer is successful,...

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