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[December 2001]
CVRD Finalises Acquisition of CAEMI
Itabira Rio Doce Co Ltd - a wholly owned subsidiary of Companhia Vale do Rio Doce (CVRD) - acquired on 7 December 2001 all shares if Amazon Iron Overseas Co Ltd for around US$279 million.
Amazon holds 50% of the voting capital of CAEMI Mineracao e Metalurgia SA. CAEMI (Rio de Janeiro, Brazil) is a non-operational holding with relevant stakes in iron ore, kaolin and refractory bauxite mining and railroad transportation.
The acquisition was from a subsidiary of the Japanese company Mitsui & Co Ltd and now CVRD and Mitsui are the new controlling shareholders of CAEMI. Pursuant to the terms and conditions of their agreement which is in accordance with Article 118 of Brazilian Corporate Law, they intend to keep CAEMI as a publicly traded company, independently managed.
ENDS