Batista Cedes Control of Port Project

Batista Cedes Control of Port Project

Brazil M&A

Eike Batista has finalized a deal selling control of the MMX Porto Sudeste project to Trafigura and Mubadala, MMX says. The Dutch commodities trader and the Abu Dhabi sovereign wealth fund get a 65% stake in the iron ore port, in exchange for $400m and the assumption of BRL1.3bn ($596m) in debt at the MMX Sudeste Mineracao sister unit. The two buyers have also agreed to provide MMX Sudeste Mineracao with a $100m trade finance facility, and holders of special MMX unit shares would receive a royal

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