Wuhan Wraps MMX M&A

Wuhan Wraps MMX M&A

M&A

China’s Wuhan Iron and Steel has concluded its acquisition of a 21.5% stake in Brazil miner MMX for $400m. MMX will issue 167.8m units at $3.93 each, of which Wuhan will be entitled to 102m shares. In June, Wuhan had proposed acquiring a 9.09% stake in MMX for $120m through the purchase of new shares. Terms of the original deal also would have allowed Wuhan to acquire a 23% stake in MMX subsidiary MMX Sudeste, but this did not happen. Itau analysts believe the deal reduces immediate refinancing

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