Vale ends bid to acquire Cu miner Metorex

摘要

Vale has called off its bid to acquire South nAfrica-based copper and cobalt producer nMetorex following last week’s superior noffer by China’s Jinchuan Group, the nBrazilian miner said Monday. Vale “has nagreed to the request by Metorex Limited nto terminate the agreement in relation to nthe previously announced offer to acquire nthe total share capital of Metorex, subject nto Metorex paying the agreed break-up nfee,” the company said in a statement. n“Vale has no intention to match the nterms of the recently announced offer for nMetorex,” it added. Last week Metorex nreceived a firm offer from Jinchuan to buy nthe company for $1.36 billion. Jinchuan noffered Rand 8.90/share ($1.32/share nat the time) for Metorex, 21% more than nVale’s bid of Rand 7.35/share on April 8.