An update from Bloomberg on the CVRD situation, which sums up the situation nicely.
Another thing also worth noting.....remember the Teck CEO saying that he is most bullish on zinc.(they recently visited all the zinc mines in China, and were of the view that capacity had been reached for the time being) Note takeover is in fact US$15 m and Cnadian $17 m.
Vale Declines to Comment on Report of C$17 Billion Inco Bid
Aug. 11 (Bloomberg) -- Cia. Vale do Rio Doce, the world's largest iron-ore producer, declined to comment on a report in the Wall Street Journal that said it will bid C$17 billion ($15.1 billion) in cash for Canada's Inco Ltd.
Rio de Janeiro-based Vale is set to launch a C$86 a-share offer for Inco, the world's second-largest nickel producer, the Journal said today, citing an unidentified person familiar with the matter. That could be a ``debilitating blow'' to Teck Cominco Ltd., which has made a cash and stock bid for Inco now worth ``just above'' C$86, the Journal said.
Vale Chief Executive Officer Roger Agnelli, 47, is using record profits to finance a $17.4 billion five-year plan to expand iron-ore, aluminum and transport operations. The company also aims to add production of other metals and minerals, such as nickel, copper and coal, to meet surging demand for commodities from China.
ZFX
zinifex limited
