Vale denies takeover plans

Brazilian mining group Companhia Vale do Rio Doce said that it was not in talks to buy another company. In recent weeks, news reports identified potential takeover candidates, including Phoenix-based Freeport McMoRan.

Vale previously announced plans to raise up to $15 billion by selling shares, which fueled speculation they were lining up cash for bidding on another mining company.

However, Vale briefly stated on Thursday that “it is not negotiating the acquisition of any company and it is not discussing with banks the financing of an acquisition.”