"Xstrata leapt 266p to £33.63 on talk that Brazil's Vale was moving closer to making a takeover offer. Rumours of imminent activity circulated in the market after Vale cancelled an investor roadshow next week. Market sources have claimed for some time that Vale has been conducting due diligence on Xstrata in connection with an indicative approach of £44-£45 a share but this has never been confirmed."
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/01/19/cxmktrep119.xml