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Vale’s $1.1 Billion Offer for Metorex Too Low, Say Holders Fidelity, Metam
Apr. 12, 2011 09:46AM PST
Battery MetalsBloomberg reported that Vale’s recent bid for Metorex is too low and undervalues the company, according to Fidelity asset managers and others.
Bloomberg reported that Vale’s (NYSE:VALE) recent bid for Metorex (JNB:MEMTX) is too low and undervalues the company, according to Fidelity asset managers and others.
The market news is quoted as saying:
An offer closer to 10 rand a share would be “appropriate,” Stephen Roelofse, a fund manager at Cape Town- based Metropolitan, said yesterday.