Vale Denies Paranapanema Rumor

Brazilian mining company Vale is denying rumors that it has made an offer or is in negotiations to acquire copper producer Paranapanema. The mining major attempted to acquire Paranapanema in September for BRL2.01bn ($1.28bn) in cash, or BRL6.30 per share, but failed after only 38% of shareholders accepted the offer. Paranapanema’s shares had risen as high as BRL5.92 recently before closing at BRL5.17 per share Monday.