Rio de Janeiro, (ANTARA News/PRNewswire-AsiaNet) - Vale informs that it put forward an indicative proposal to Xstrata Plc (Xstrata) that included a cash and shares offer for 100% of Xstrata which it believes would have created significant value for both sets of shareholders.
Given that an agreement was not reached, discussions between the parties have been discontinued.
For the purposes of Rule 2.8 of the City Code on Takeovers and Merger (the City Code), Vale reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Xstrata and/or take any other action which would otherwise be restricted under Rule 2.8 of the City Code within the next six months in the event that: (i) an agreement or recommendation from the Board of Xstrata is forthcoming; or (ii) there is an announcement by a third party of a possible offer or a firm intention to make an offer for Xstrata or Xstrata announces that it has received an approach in relation to a possible offer from a third party; or (iii) Xstrata announces a "whitewash" proposal for the purposes of Rule 9 of the City Code or a reverse takeover; or (iv) there is a material change in circumstances.
SOURCE Vale
CONTACT: Roberto Castello Branco,
roberto.castello.branco@vale.com, or
Alessandra Gadelha,
alessandra.gadelha@vale.com, or
Patricia Calazans,
patricia.calazans@vale.com, or
Theo Penedo,
theo.penedo@vale.com, or
Marcus Thieme,
marcus.thieme@vale.com, or
Tacio Neto,
tacio.neto@vale.com, all of Vale,
+55-21-3814-4540
Web site: http://www.cvrd.com.br
(RIO)
COPYRIGHT © 2008
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