"Vale, the Brazilian miner, said that a $90 billion bid for Xstrata, its Swiss rival, was not imminent, but added that the two companies are continuing to talk about a deal. Xstrata’s share price surged by 8 per cent on reports that Vale would bid £47 a share, but this was denied by the Brazilians."
http://business.timesonline.co.uk/tol/business/markets/article3412513.ece