Icahn Enterprises to Sell Ferrous Resources to Vale Unit -- Update
05 Dezembro 2018 - 9:53PM
Dow Jones News
By Josh Beckerman
Carl Icahn's Icahn Enterprises LP (IEP) has agreed to sell
Brazilian iron ore company Ferrous Resources Ltd. to a Vale SA
(VALE) unit in a deal with an enterprise value of about $550
million.
Icahn Enterprises, which owns 77% of Ferrous, purchased an
interest in 2012 and then acquired its controlling stake in
2015.
"Even under challenging circumstances created by volatile
commodity markets over the past several years, we deployed our
activist modus operandi and guided the company through turbulent
times," Mr. Icahn said in a statement.
Ferrous Resources constitutes the mining segment of Icahn
Enterprises. In its third-quarter earnings presentation, Icahn
Enterprises said the segment swung to a profit as investment in
processing plants led to higher-quality products that sold at a
significant premium.
Over the years, Ferrous Resources shareholders have included
Ferrexpo PLC (FEEXF) and Glencore PLC (GLNCY).
The transaction is expected to close in 2019, subject to
receiving antitrust approval in Brazil.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
December 05, 2018 18:38 ET (23:38 GMT)
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