"The mining sector was in focus after the drawn-out takeover talks between Xstrata and Brazilian suitor Vale finally collapsed. Xstrata shares slid 194p to £35.22, leaving a number of hedge funds who had been betting on a successful takeover with bloody noses."
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/27/cxmktrep127.xml