Vale’s $1.1 Billion Metorex Bid Backed by Largest Holder

Bloomberg reported that there is support for Vale’s (NYSE:VALE) bid to purchase Metorex (JNB:MEMTX).

The market news is quoted as saying:

Vale may now have support from investors holding more than 50 percent of the stock, Jacques de Bie, an external spokesman for Metorex, said by phone from Johannesburg, citing his own interaction with shareholders. The IDC’s support “sends a strong message” to other holders, he said.

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