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CVRD may offer US$3bil for Noranda.
South American Business Information, July, 2004
Brazil, Jul 9, 2004 (Valor Economico /SABI via COMTEX)
The Brazilian mining company CVRD (Companhia Vale do Rio Doce) may offer US$3bil for the acquisition of up to a 52% stake in the Canadian Noranda. Around US$2bil out of this total may concern the payment in money and US$1bil may concern the asset of the copper mine Sossego. Vale may review this proposal if it feels threatened by the competitors China Minmetals Corporation and the Swiss Xstrata - Minmetals may offer more than US$2mil for Noranda. The integration of Sossego mine in Noranda may occur by a capital raise, through which Vale would receive Noranda's stocks. Meanwhile Noranda has a market value of US$5.5bil and a debt of US$3.3bil. The company, producer of nickel, zinc, copper and aluminum, has...
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