Vale Denies Freeport M&A Rumors

Brazilian mining giant Vale is denying rumors that it is in talks to acquire Freeport-McMoRan, the US copper and gold giant. Vale spokesman Fernando Thompson describes as baseless market chatter that Vale is looking to acquire Freeport, or that it was in talks with any other companies about acquisitions. NYSE-listed shares of Freeport traded as up as much as 8.35% Friday – apparently because of the M&A rumors – but ended the session up just 3.79% as Vale poured cold water on the talk. Thompson meanwhile reiterates that Vale is in talks to acquire assets belonging to Brazil’s Paranapanema. Vale preferred shares closed down 0.34% Friday at BRL40.16.