Brazil’s CVRD Pays $749 million For Canico

Brazil’s Companhia Vale do Rio Doce (CVRD), the world’s largest iron-ore producer, has paid $749 million in cash for a 93% stake in nickel company Canico. CVRD originally made an offer to buy the Canadian company in September at C$17.50 but later increased its offer to C$20.80 after the bid was rejected by Canico’s board.