MMX To Sell $2.2B Stock To Back Deal For Port Project

Law360, New York (September 13, 2010, 6:24 PM EDT) -- Brazilian mining company MMX Mineracao e Metalicos SAS is preparing to sell up to $2.2 billion in new shares, in part to raise funds to buy port project LLX Sudeste Operacoes Portuaria SA.

As part of the transaction, South Korea's conglomerate SK Networks has agreed to purchase $700 million worth of those MMX shares, paying $R13.963 ($8.12) per share, the companies said in a statement released Monday.

The Sudeste port project in Rio de Janeiro is building sizable infrastructure to support large capacity modern vessels that...
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