February 27, 2014 / 5:17 PM / 5 years ago

Trafigura, Mubadala complete deal to control Brazil iron port

SAO PAULO, Feb 27 (Reuters) - Dutch trading company Trafigura Beheer BV and Abu Dhabi sovereign wealth fund Mubadala Development Co said on Thursday they had completed a deal to buy a controlling stake in the Sudeste Port and iron ore terminal in Brazil.

Under the transaction, Trafigura’s subsidiary Impala and Mubadala have 65 percent ownership of the port, while Brazilian tycoon Eike Batista’s company MMX Mineração e Metalicos SA retains a 35 percent stake, Impala said in a statement.

MMX agreed in September to cede control of the port in exchange for $400 million of new investment and debt relief, an effort to halt the decline of Batista’s once high-flying EBX group.

The Sudeste Port can handle 50 million tonnes per year with a future expansion to 100 million tonnes per year. Commercial operations are expected to start in the third quarter of this year, the statement said. (Reporting by Caroline Stauffer; Editing by Marguerita Choy)

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