Deals
Vale Abandons Metorex Bid, Paving Way for Jinchuan Takeover
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Vale SA, the world’s largest iron-ore producer, said it agreed to terminate its proposed acquisition of Metorex Ltd., paving the way for a rival $1.36 billion bid from China’s Jinchuan Group Co. to win control of the copper company.
“Vale has no intention to match the terms of the recently announced offer for Metorex,” the Rio de Janeiro-based company said in a statement today. Metorex asked Vale to terminate its proposal after Vale notified the Johannesburg-based company that it won’t amend its 7.35 rand ($1.08) a share offer to beat Jinchuan’s 8.90 rand a share.