XTA

"The sector-wide rally also helped lift Xstrata, which firmed 0.4 per cent to 3,819p despite reports suggesting that it had spurned a £40-per-share indicative offer from Vale, its Brazilian suitor. Most in the market were unsurprised by the news, noting that, if Vale had indeed made the approach at the price claimed, it was always likely to be rejected. One trader said that "unless [Vale] goes above £40, it would not get anywhere with Glencore," Xstrata's biggest shareholder."

http://www.independent.co.uk/news/business/sharewatch/market-report-miners-lord-it-as-copper-and-platinum-spike-up-781550.html