Vale Declines 2.5%

A planned alliance between Vale S.A and Australia’s Fortescue Metals Group may unravel, according to a report from the Wall Street Journal that cited Fortescue CEO Nev Power as saying. Shares of Vale retreated 2.5% intraday.

“We’re still in discussions with Vale, but I think it is looking less and less likely we are going to be able to do that transaction, which I think is a real shame,” Power was cited as saying in the new report. ┬áVale shares traded near the top end of their 52-week price range of $2.13 – $9.34.