A Chinese steel consortium has acquired a stake in Companhia Brasileira de Metalurgia e Mineração (CBMM) for $1.95 billion, Financial Times reports. The consortium consists of Citic Group and steel makers Anshan, Shougang, Baosteel and Taiyuan Iron and Steel.
The group will purchase a 15 percent holding in the Brazilian miner of niobium. Another 15 percent interest is held by a Japanese-Korean consortium, which paid $1.8 billion to acquire it. The remaining 70 percent is owned by the Moreira Salles family. UBS advised the Chinese consortium.
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