Regions

MMX sells off shares in port to Trafigura and Mubadala

Close
September 10
7:41 PM 2013

MMX Mineracao & Metalicos SA share prices slumped as securities attached to the royalties from the Sudeste port jumped as the decision to sell control of the terminal became public. Eike Batista's mining firm had agreed to sell its controlling rights to Trafigura Beheer BV and Mubadala Development Co for USD400 million.

MMX share values declined by 17% to BRL1.89 per share at the close of trading in Sao Paulo. This was the largest drop for the stock since July 12 and was the worst performing share in the Ibovespa index. The securities related to the Sudeste port, named MMXM11 jumped by 12%, reaching BRL2.68 per share, the highest level of the stock since June 6.

Under a preparatory agreement, commodities trader Trafigura and sovereign wealth fund Mubadala would assume the liabilities of a bank debt as well as the royalty payments for the securities. This was confirmed by a regulatory filing made by MMX. Furthermore, the two parties would purchase a 65% share over the port for USD400 million.

© 2022 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics