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BEST CROSS-BORDER M&A DEAL

Jan 1, 2010

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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