Brazilian steelmaker CSN sells stake in Australian coal miner for $830 million

CSN or Companhia Siderurgica Nacional (NYSE: SID) struck a deal to sell its 19.9 percent stake in Australian coal miner Riversdale to mining giant Rio Tinto for $830 million (AUD$780 million), according to its securities filing. CSN, Brazil’s largest diversified steelmaking company, sold 47.29 million shares of Riversdale at a price of AUD16.50 per share. Earlier in the day, Rio Tinto said it had won control of 72 percent of Riversdale after CSN accepted the offer. Shares of CSN were trading higher by 1.54 percent to $15.85 Wednesday morning. Source: I Stock Analyst

Published by Hildete Vodopives

Hildete de Moraes Vodopives is founder of Brazil Global and of the Harvard Strategists Group. She has a PhD in Economic History and advises companies and investment agencies in international business development.She served as Corporate Relations Director and later, on the board of the Brazilian Investment Analysts Association (APIMEC).

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