Mitsui & Co., Ltd. ("Mitsui") announced today that it has reached an agreement with Companhia Vale do Rio Doce ("CVRD") to sell its all 59,287,500 shares (3.1% of total issued shares) of Empreendimentos Brasileiros de Mineração S.A.("EBM") for approximately US$114.5 million (approx. Yen 13.2 billion).
EBM is the controlling shareholder of Minerações Brasileiras Reunidas S.A. (MBR),
a Brazilian iron ore producer, holding 51% of the total issued shares.
CVRD, as the controlling shareholder of MBR who holds 80% of EBM, expects to gain synergy effect through the purchase of EBM shares from Mitsui, one of the minority shareholders.
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