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Wuhan Iron in talks

BRAZILIAN iron ore miner MMX Mineracao e Metalicos SA said Wuhan Iron and Steel has offered to buy stakes in it and its unit for US$400 million.

Hubei Province-based Wuhan Iron would acquire 9.9 percent in MMX for US$120 million via a share placement by the Brazilian miner, according to the terms of the non-binding offer released by MMX late Monday.

The Chinese steel company also would buy 23 percent of MMX Sudeste Mineracao for US$280 million, also by means of a new share sale, according to Rio de Janeiro-based MMX.

The Brazilian miner had earlier disclosed it was talking with Wuhan Iron and other potential buyers over an investment, as its controller, Brazilian billionaire Eike Batista, seeks to sell all or part of the firm.

A non-binding offer would allow Wuhan or MMX to withdraw from, and discontinue, the transaction until a mutually agreeable deal is reached.


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