"Xstrata, the Anglo-Swiss miner which has been at the centre of some persistent consolidation talk, climbed 57p to 3,947p. The company benefited from rumours suggesting that Vale, the Brazilian miner which has been working on a takeover approach since the start of this year, was ready with an enhanced £47-per-share bid. Some more fervent speculators added the suggestion that the two companies had actually reached some agreement on the offer."
http://www.independent.co.uk/news/business/sharewatch/market-report-its-payback-time-for-builders-says-dresdner-784974.html