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Wednesday Aug 20 2008
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Mick does the Samba? Xstrata’s suitor is said to be CVRD
Not much else to say, really, other than stating that usually knowledgeable sources indicate that Lehman Brothers are advising the Brazilians, while JPMorgan Cazenove are working for Mick Davis.
Oh, and the price: Xstrata are hoping to extract is £46bn - about £48 a share.
That was the rumour doing the rounds in London on Friday as Xstrata stock headed skywards. The quote was £36.92 at 12.39GMT, up 262p, having touched £37.10 at one stage.
While formal sources seemed to be away their phones, some speculators continued to peddle a tale that Anglo American (up 199p at £34.40) was Xstrata’s natural bedfellow.
But FT Alphaville understands it is CVRD.
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[…] Shares of Xstrata, the Swiss coal miner with a market cap of some $70 billion, surged as much as 14% in London today. Rumors swirled of a possible purchase of the company, by Anglo American or maybe CVRD. […]
Thanks for that correction, Blackrain
CVRD is now known as VALE. www.vale.com