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Brazil: CADE clears tycoon’s iron ore port sale

 |  October 16, 2013

Brazil’s competition authority CADE has reportedly cleared plans to sell an iron ore port to Netherlands-base energy firm Frafigury Beheer and to United Arab Emirates-based Mubadala Development Co as part of a tycoon’s efforts to reduce debts.

Reports said Wednesday that business mogul Eike Batista will sell a 65 percent stake in the MMX Porto Sudeste iron ore port to the companies. The agreement was made for about $996 million.

The port is set to begin operations next year and, according to reports, the deal is a way to secure funding for the port.

Full content: Reuters

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