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CVRD to pay Mitsui US$280 million for half of Caemi

CVRD, the world's largest iron ore miner, has agreed to pay Japan's Mitsui US$280 million for a 50% stake in Brazil's Caemi, blocking BHP's bid for the world's number-four iron ore miner.

Greg Tubby

The agreement came after Mitsui used its pre-emptive right to buy the 60% of Caemi's voting stock it does not already own, blocking a US$332 million offer by BHP. "Naturally, we are disappointed Mitsui...

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