Friday, June 13, 2008

Freeport "most likely" takeover target by Vale

Bloomberg news service reports that JP Morgan Chase believes that Brazilian-based Vale is “most likely” to bid for Freeport-McMoRan Copper & Gold Inc.

Vale, the biggest iron-ore producer, has been rumored to be looking at three large mining companies. Phoenix-based Freeport is the world's largest publicly traded copper mining company.

Vale is planning a public stock offering to raise as much as US$15 billion, to possibly help fund acquisitions.

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