Wuhan Iron and Steel to buy 21.5% stake in MMX

The Chinese company will pay the Brazilian miner, $400m for the stake

SAO PAULO (Reuters) - 

China's Wuhan Iron and Steel Co (600005.SS: Quote) on Monday agreed to pay $400 million for a 21.52% stake in Brazilian miner MMX (MMXM3.SA: Quote), according to a regulatory filing.

Rio de Janeiro-based MMX, controlled by Brazil's richest man Eike Batista, will issue new shares at an equivalent price of $3.93 each, according to the filing. The transaction requires regulatory approval, the filing said. (Reporting by Guillermo Parra-Bernal; Editing by Hans Peters) ((guillermo.parra@thomsonreuters.com; Reuters Messaging: guillermo.parra.reuters.com@reuters.net))

© Thomson Reuters 2009 All rights reserved

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