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Mitsui, CVRD complete stock deals to equally share Caemi.

TOKYO, Dec. 10 Kyodo

Mitsui & Co. said Monday it has completed stock transactions to enable Mitsui and Brazil's Companhia Vale do Rio Doce (CVRD), the world's largest iron ore producer, to equally share voting stocks of Caemi Mineracao e Metalurgia S.A. (Caemi), a Brazilian natural resources firm.

The acquisition was approved by the European Commission on condition that CVRD and Mitsui, as the new controlling shareholders of Caemi, sell Caemi's 50% interest in Quebec Cartier Mining Co., a Canadian iron ore and pellets producer, to a third party in the future, Mitsui said.

The giant Japanese trading house said the stock deals were a two-step process.

First, Mitsui, which owned 40% of Caemi voting stocks, acquired the remaining 60% of such stocks through Cayman Iron Ore Investment Co., a wholly owned subsidiary of Mitsui.

Then, Mitsui sold some of the newly acquired Caemi shares to CVRD, a transaction that equalized Mitsui's and CVRD's shareholding control of Caemi, Mitsui said.

Mitsui and CVRD intend to keep Caemi as a publicly traded company under an independent management, it said.

CVRD had been a state-owned company until privatization in 1997.
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Comment:Mitsui, CVRD complete stock deals to equally share Caemi.
Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Dec 17, 2001
Words:188
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