Brazilian iron ore miner MMX said on June 22 that it received a nonbinding offer from China's Wuhan Iron And Steel Inc for a minority stake in it and its subsidiary MMX Sudeste Mineracao.
MMX announced in May that it had entered into negotiations with Wuhan over a potential commercial partnership.
In a statement, MMX said Wuhan would "purchase, by means of a new issue of MMX common shares, a 9.09% participation in MMX for a total price of $120mln."
It added that Wuhan "would further acquire a 23% equity interest in MMX Sudeste, by means of a new share issue, for the purchase price of $280mln."
MMX said the nonbinding nature of the offer would allow it or Wuhan to withdraw from, and discontinue, the transaction until a mutually agreeable deal is arrived at.
Jun 22, 2009
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