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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...

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