LONDON (Thomson Financial) - Brazilian mining giant Vale, formerly known as Companhia Vale do Rio Doce (CVRD), has taken a decisive step towards a bid for Anglo-Swiss miner Xstrata PLC, by lining up a 50 bln usd financing package from a group of global banks, according to the Sunday Times.
The report says Fabio Barbosa, Vale's finance chief, flew to London last week and met up to 12 banks. It says HSBC (nyse: HBC - news - people ) is leading a consortium thought to include Santander, BNP Paribas (other-otc: BNPQY.PK - news - people ), Lehman Brothers (nyse: LEH - news - people ), Credit Suisse, and Citigroup (nyse: C - news - people ).
The Sunday Times says Vale's chief executive, Roger Agnelli, met Luiz Inacio 'Lula' da Silva, the president of Brazil, to get the final go-ahead.
The government controls nearly 53 pct of Vale's stock.
The report says Agnelli is thought to have flown to London on Friday to help push the deal forward.
Meanwhile, The Observer reports that Vale is days away from unveiling an agreed takeover worth 80 bln usd. It says a deal could be announced as soon as this week, but adds that some banking sources have cautioned that turmoil in the credit markets means the Brazilians might need more time to secure the necessary financing.
The Observer says Vale will provide about half the capital in cash, with the remainder to be issued in preference shares.
tf.TFN-Europe_newsdesk@thomson.com
http://www.forbes.com/markets/feeds/afx/2008/01/27/afx4578558.html
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