"But Xstrata managed a gain of 0.3 per cent to £35.12 on the back of weekend press reports that claimed Vale of Brazil was working flat out on a bid that would be pitched between £40 and £44 a share. However, many investors were sceptical a deal would emerge, citing Vale’s complicated share structure and the difficulty in obtaining financing."
http://www.ft.com/cms/s/0/e609a894-cd7c-11dc-9e4e-000077b07658.html