Vale Offers $1.1B For Copper Co. Paranapanema

Law360, New York (July 29, 2010, 3:54 PM EDT) -- Brazilian mining giant Vale SA on Thursday revealed a $1.13 billion bid for copper producer Paranapanema SA, aiming to become one of the top copper miners in the world.

“The Paranapanema acquisition is consistent with our strategic objectives of accelerating the growth of copper production and has a significant potential for value creation to Vale's shareholders,” Vale said in a statement.

The company is offering 6.30 Brazilian reals, or approximately $3.60, for each share of Paranapanema. That represents a premium of 22.3 percent on Paranapanema's average...
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