Reuters exclusively reports Vale and 3 others bidding on Drummond`s Colombian operations

Reuters exclusively reported on Oct 4 that four companies — Vale, Xstrata, Vallar and Glencore — have bid on the Colombian operations of privately held Drummond Co. The bids may not reach the $6-8 billion range that the company is hoping for, though, according to sources. Drummond is Colombia`s second-largest coal producer. The Reuters report was the subject of a research note by Citi analyst Anindya Mohinta. Shares of Xstrata opened down about 1 percent the day after the Reuters story, before recovering.