Glencore to Pay $534 Million for Dan Gertler's Stakes in Two Congo Copper Mines -- Update
13 Fevereiro 2017 - 2:46PM
Dow Jones News
By Scott Patterson
Swiss mining giant Glencore PLC agreed to pay $534 million for
stakes in two African copper projects held by its longtime and
controversial business partner, the Israeli billionaire Dan
Gertler, according to a person familiar with the deal.
Glencore will purchase the 31% holding held in Mutanda Mining by
Mr. Gertler's Fleurette Group, valuing the stake at $922 million,
the person said. Glencore will also purchase Mr. Gertler's minority
holding in Katanga Mining Ltd., a deal that values the stake at $38
million, the person said.
The $534 million payment comes after settlement of loans payable
by Fleurette to Glencore and shareholder loans owed to Fleurette by
Mutanda, Fleurette said in a statement.
Both mines are in the Democratic Republic of the Congo, where
Mr. Gertler helped Glencore secure a foothold a decade ago.
Details of deal were first reported by Bloomberg.
Mr. Gertler was at the center of the Justice Department's
criminal case against New York hedge fund Och-Ziff Capital
Management LLC. The Justice Department found that Mr. Gertler paid
more than $100 million in bribes in the Congo--including $10
million to President Joseph Kabila--to facilitate mining deals. Mr.
Gertler, through a spokesman, has denied the allegations.
Write to Scott Patterson at scott.patterson@wsj.com
(END) Dow Jones Newswires
February 13, 2017 11:31 ET (16:31 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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