Vale shares shed $17 billion as iron ore slump foils turnaround
The miner has lost its rank as Brazil’s third-largest publicly traded company.
Seven days after putting Regent Pacific on notice that it should not withdraw its takeover offer, Regent informed BC Iron yesterday that it had entered into a binding mandate letter with Standard Chartered Bank of Hong Kong and Westpac Banking Corporation for $US155 million debt finance.
BC Iron said Regent has now advised it will change its recommendation to its shareholders to vote in favour of the acquisition of all BC Iron shares.
