Mitsubishi Corp., Japan’s largest trading house, has hired Citigroup Inc. to evaluate a possible stake acquisition in a Chilean iron-ore producer, La Tercera reported.
Mitsubishi wants to buy part of Cia. Minera del Pacifico, the unit of Chilean steelmaker Cap SA known as CMP, to gain Japanese tax breaks for companies that invest in foreign raw- materials producers, the Santiago-based newspaper reported, without saying where it got the information. Cap hired JPMorgan Chase & Co. to study the transaction, the newspaper said.
Mitsubishi already owns 10 percent of Cap and 50 percent of CMP’s Cia. Minera Huasco iron-ore unit, the newspaper said. Mitsubishi and Cap may reach an accord by December, La Tercera reported.
Source: Bloomberg
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