Brazil’s Vale to Buy S. African Copper Producer

ABC News reports that Vale (NYSE:VALE) plans to acquire Metorex for more than $1.1 billion in cash.

The market news is quoted as saying:

Rio de Janeiro-based Vale SA says Metorex Ltd.’s board has agreed to its offer of 7.35 South African rand per share. The deal, which requires approval from holders of 75 percent of Metorex’s shares, is worth nearly $1.13 billion (7.52 billion rand).

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