Brazilian iron ore miner MMX said on Monday that it has received a non-binding offer from China's Wuhan Iron And Steel Inc for a minority stake in it and its subsidiary MMX Sudeste Mineracao.
MMX announced in May that it had entered into negotiations with Wuhan over a potential commercial partnership.
In a statement, MMX said Wuhan would "purchase, by means of a new issue of MMX common shares, a 9.09 percent participation in MMX for a total price of $120 million."
It added that Wuhan "would further acquire a 23 percent equity interest in MMX Sudeste, by means of a new share issue, for the purchase price of $280 million."
MMX said the nonbinding nature of the offer would allow it or Wuhan to withdraw from, and discontinue, the transaction until a mutually agreeable deal is reached.
Source: Reuters
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