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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (17620)	4/11/2008 9:34:02 PM
From: LoneClone	Read Replies (1) \| Respond to of 193918

Tata makes hostile bid for Brazilian miner AVG 12 Apr 2008, 0105 hrs IST,PTI timesofindia.indiatimes.com NEW DELHI: After a spectacular takeover of Corus, Tata Steel has made a hostile offer to acquire Brazilian iron ore miner AVG, which is owned by global mineral giant MMX. The steel business briefing (SBB) quoted a MMX president Eike Batista as saying that the domestic steel giant has made the offer. "Eike, however, did not reveal the value offered by Tata, but said a deal could be made if Tata guarantees it will build a carmaker on the outskirts of Acu Port, the complex MMX is building on the coast of Rio de Janeiro," it said. If this happened that MMX could sell as much as 50% stake in AVG to the domestic steel giant. However, when contacted a Tata Steel spokesman could not confirm the same. AVG was purchased by MMX last year for $224 million. Its current capacity is around 2.3 million tonnes per year. But MMX has already announced plans to integrate this asset into its recently acquired Minerminal mineral company.