BEST CROSS-BORDER M&A DEAL
Brazil’s Companhia Siderúrgica Nacional (CSN) sold in October 2008 a 40% stake of iron ore unit Namisa to a consortium of Japanese and Korean companies when iron ore prices were sliding, as were practically all other commodities amid the global financial slump.
It was the standout transaction in a surprisingly active market for cross-border M&A, which is expected to get busier in 2010.
"The price was excellent for CSN as it values Namisa as a whole at $7.5 billion. The deal brought great value at a very difficult moment," says Leonardo Correa, equity analyst at Barclays Capital.
The stake was sold to a consortium made up of Itochu, Nippon Steel which owns a...
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