Vale Denies Acquisition Talks

Brazilian miner Vale denies that is considering an acquisition or discussing financing options with banks, in response to press reports. Local media say Vale technicians have visited Anglo American properties in Brazil and other locations worldwide, and that the company is assembling a war chest with several banks for a supposed acquisition. Last week, Vale announced in a filing with the CVM an issue of roughly $14bn in new preferred and ordinary shares that would generate proceeds for acquisitions. “Vale makes clear regarding news published by the Brazilian press that it is not negotiating the acquisition of any company and it is not discussing with banks the financing of an acquisition,” says the firm.