Vale silent as analysts rule out potential bid for miner Xstrata
Dec 10, 2007 | 02:57 PM
| Sean Barry
Brazilian mining group Vale is refusing to comment on rumors that it could be mounting a bid for Xstrata Plc, but analysts have largely ruled out a potential tie-up.
A spokesman for the company, formerly Cia. Vale do Rio Doce (CVRD), said he wouldn't comment on market rumors.
Reports over the weekend said that the Brazilian company had hired Lehman Brothers to run-the-rule over a bid for Zug, Switzerland-based Xstrata. However, analysts said that while the deal wasn't impossible, it seemed unlikely as the Rio de Janeiro-based company continued to digest its $17.6-billion acquisition of Canada's Inco Ltd. earlier this year and might not be looking to expand its copper and nickel exposure.....
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