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Brazil iron ore miner MMX gets offer from Wuhan

Mon Jun 22, 2009 6:35pm EDT

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SAO PAULO, June 22 (Reuters) - Brazilian iron ore miner MMX (MMXM3.SA) said on Monday that it received a nonbinding offer from China's Wuhan Iron And Steel Inc for a minority stake in it and its subsidiary MMX Sudeste Mineracao.

Stocks  |  Mergers & Acquisitions  |  Brazil

MMX announced in May that it had entered into negotiations with Wuhan over a potential commercial partnership.

In a statement, MMX said Wuhan would "purchase, by means of a new issue of MMX common shares, a 9.09 percent participation in MMX for a total price of $120 million."

It added that Wuhan "would further acquire a 23 percent equity interest in MMX Sudeste, by means of a new share issue, for the purchase price of $280 million."

MMX said the nonbinding nature of the offer would allow it or Wuhan to withdraw from, and discontinue, the transaction until a mutually agreeable deal is reached. (Reporting by Reese Ewing; Editing by Steve Orlofsky)

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