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3 pts

Opinion on  Companhia Vale Do Rio Doce (RIO)     Sector: Basic Materials  >  Industry: Metal Mining
Bullish on RIO ...

Jul 16, 2008 03:27 PM UTC
Tigre_bengale__2__-_small
Return Risk
-12.32% LOW
Sr. Analyst

Companhia Vale do Rio Doce will seek to raise about $15 billion in the biggest sale ever by a Brazilian company. The share offering from the world’s largest iron-ore producer is set to be priced on Wednesday.

Bloomberg News reported that Vale will price the 256.9 million common shares and 164.4 million preferred shares on July 16, and the stock will start trading in Brazil and abroad two days later.

Vale said in June it wanted to raise the cash to fund expansions and acquisitions which helped to fuel speculation that the company was preparing a new acquisition drive after it abandoned a $90 billion bid for Xstrata earlier this year. (NYTimes)


RIO:  This call was made on 07/16/08 @ $30.51
Rating:   Positive   $30.51 (07/16/08)
Gain/Loss:   -55.06% in 177 days
Target:   $43.00 (+40.94%) in Three months
Allocation:   8.2% of portfolio


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