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Vale Discontinues Negotiations for Acquisition of Xstrata
03/26/2008 - Vale and Xstrata Plc discontinue their discussions as the two parties have been unable to reach agreement on Vale’s acquisition of Xstrata.
Vale—formerly known as Companhia Vale do Rio Doce—has discontinued its discussions with Xstrata Plc, as the two parties have been unable to reach agreement on Vale’s acquisition of Xstrata.
Vale had recently submitted a proposal that included a cash-and-shares offer for 100% of Switzerland-based Xstrata, a major global diversified mining group active in major commodities including copper, coking coal, thermal coal, ferrochrome, nickel, vanadium, and zinc.
“While Vale and Xstrata continue to believe that a combination of the two companies could realize significant value for both sets of shareholders, we have not been able to reach agreement,” said Xstrata Chief Executive Mick Davis. “We have therefore mutually decided to cease discussions.”
Vale also commented that the acquisition would have created significant value for both sets of shareholders.
