Freeport (FCX) Spikes on Takeover Chatter; Vale (RIO) Denies Rumors

Shares of Freeport-McMoRan (NYSE: FCX) have spiked intraday on rumors that the company could be a target for consolidation within the metals mining industry. The takeover chatter points at Brazil's Vale (NYSE: RIO) as the possible suitor for Freeport.

As the rumor spread across Wall Street, shares of Freeport began moving higher from just under $99. By 11 AM ET, the stock had jumped more than 9% to nearly $108, but soon started selling-off as investors found out that the rumors could be just that. While well off its highs of today's trading session, Freeport stock is still substantially higher than yesterday's close and most recently traded at $103.39, up 4% on the day.

Responding to the rumors, Vale is out with a statement denying that it has held talks with Freeport. According to a recent report by Dow Jones, Vale has called the Freeport takeover chatter "baseless".

Freeport-McMoRan Copper & Gold, Inc. engages in the exploration, mining, and production of mineral properties primarily in Indonesia, North America, South America, and Africa.

Companhia Vale do Rio Doce, or Vale, is a metals and mining company.

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