内容太长,没办法复制上来,麻烦各位自己找一下。这里只有一部分Steelmakers might not see Vale (RIO) as a natural ally. The Rio de Janeiro company is, after all, the world's leading supplier of iron ore, and on Feb. 18 and 19 it forced steel producers in Japan, Korea, and Germany to eat a 65% price hike. Worse, the increase comes as Vale is considering a bid for Switzerland's Xstrata, the world's No. 6 mining company. Such a combination would give the Brazilians even greater pricing power vis-à-vis steelmakers.
But Roger Agnelli, Vale's chief executive, would say his merger plans are in the best interests of players across the industry, providing a counterweight to China's growing clout in global markets for iron ore and steel. Western industrialists should "wake up" to China's strength, Agnelli said at the American Chamber of Commerce in Rio in October.
The way he sees it, everyone in the consolidating mining industry is either predator or prey. The 48-year-old Agnelli expects Vale, formerly Companhia Vale do Rio Doce, to be one of the winners and aims to make it the world's top mining company. He's now within striking range. Since Agnelli took over in 2001, Vale has bought more than a dozen mining and metals companies in Brazil and abroad, and now spans six continents. Under Agnelli, shareholders have seen Amazonian returns of 64% a year.
Key to Agnelli's ambitions is owning Xstrata. The Swiss company is a major player in copper, nickel, and coal, with operations in 18 countries, including Brazil and the U.S. Vale won't discuss the bid publicly, but industry sources say the company is close to lining up some $50 billion in loans to help cover the cash portion of its offer, which could total more than $90 billion.
TUG-OF-WAR
The Chinese, though, appear to have other plans. China has already shown it will write big checks to gain control of resources. On Feb. 1, state-run Aluminum Corp. of China (ACH) (Chalco) teamed up with Pittsburgh-based Alcoa (AA) to buy 9% of London-based Rio Tinto (RTP), the world's No. 3 mining company, for $14 billion. Rio Tinto, meanwhile, is the target of a $147 billion hostile takeover bid from Australia's BHP Billiton (BHP). Though Chalco hasn't disclosed its motives for the purchase, China would be a clear loser if BHP succeeds (the combined company would have far greater pricing power), so many expect the Chinese to use their new inside position to try to scuttle that deal. Some analysts speculate China may go after a chunk of Xstrata to keep it out of Vale's hands, for similar reasons.