Brazil: Did Merrill bid too low?

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A bid so finely priced as to put profits in doubt, a smouldering argument over 500 years of iron ore reserves, the lack of a new story to tell investors - these are the problems Merrill Lynch faces after winning the mandate to privatize Companhia Vale de Rio Doce. Competitors that failed to secure the contract say they are sleeping better now it has gone to someone else. Brian Caplen reports.