Copying and distributing are prohibited without permission of the publisher

Vale's $1.1 billion Paranapanema bid fails

September 02, 2010 - 13:31 GMT Location: São Paulo

KEYWORDS: Vale , Paranapanema , copper , Brazil

Vale’s attempt to grab a controlling stake in Brazilian refined copper producer Paranapanema has failed. The company acquired no shares after it did not reach the minimum threshold, Vale said in a statement late on Wednesday

The company acquired no shares having failed to reach the minimum threshold, Vale said late on Wednesday. The diversified miner planned to spend 2.01 billion reais ($1.15 billion) to acquire up to 100% of Paranapanema, but failed to reach 50% plus one share, the condition for the move to be valid. “As a consequence, no Paranapanema shares were acquired by Vale,” the company said. In...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.


subscribe to this feed Comment & analysis

  • COMMENT: When super-cycle poster child BHP Billiton trims its plans...

    BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.

  • LORD COPPER: There is nothing to fear after JP Morgan loss ...

    So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.

  • COMMENT: Keep calm and carry on?

    The decision of the Indonesian government last week to uphold the ore export ban and taxes from May 6 has failed to calm the nervous market. So far, both producers and buyers have displayed an impressive tolerance level to the export uncertainty. But how long will their patience last?

Upcoming Events

Most readMost emailed

Popular Searches on MB

MB Glossary


From Aluminium to Zinc...
Search this free glossary on metals