China Minmetals Offers $1.6B For Iron Ore Units

Law360, New York (January 3, 2014, 1:29 PM EST) -- Minmetals Development Co., the Chinese importer and exporter of metals and minerals, said in a Friday filing that it will pay 9.9 billion yuan ($1.6 billion) for a pair of iron ore assets held by its controlling shareholder.

In the deal, Minmetals Development will scoop up a pair of iron ore mining and processing subsidiaries. The Chinese firm will issue more than 794 million shares at 12.5 yuan a pop to cover the purchase, it told the Shanghai Stock Exchange. The transaction and its final pricing...
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