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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Mubadala, Trafigura complete acquisition of 65pct of Porto Sudeste in Brazil

Posted on 28 February 2014

Commodity trading company Trafigura Group and Abu Dhabi’s sovereign wealth fund have completed their acquisition of a controlling stake in a major Brazilian port from troubled Brazilian tycoon Eike Batista.
Trafigura and Abu Dhabi’s Mubadala Development Co. will own a combined 65% of Porto Sudeste while MMX Mineracao e Metalicos SA, an iron-ore miner controlled by Mr. Batista, will retain the remaining 35%, the companies said in a statement. In exchange, Trafigura and Mubadala will take on 1.3 billion Brazilian reais ($553 million) in debts owed by one of MMX’s mining subsidiaries, and will also invest $400 million in the port, according to the statement………………………………………..Full Article: Source


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