Boliden's potential acquisition of Votorantim's 64.68% stake in Nexa Resources has some logic, Berenberg says. It would give Swedish miner Boliden an even larger position in the global zinc market and could offer some arbitrage opportunities in other metals, analysts Richard Hatch and Jasper Mainwaring write. Nexa Resources has operations in Brazil and Peru. It operates five mines and three smelters, essentially making it the Latin American version of Boliden, Berenberg says. "The clear question is what premium would likely be required for a controlling stake in Nexa, and how value-accretive would this be for Boliden." Should a deal be announced with a substantial premium attached for the stake, the bank would expect Boliden shares to come under initial pressure. (dominic.chopping@wsj.com)