A Chinese consortium has paid $1.95 billion for a 15% stake in a Brazilian niobium producer, just a few months after a similar investment by a consortium of Japanese and Korean strategic buyers.
Companhia Brasileira de Metalurgia e Mineracao CBMM is the world’s biggest producer of niobium, a raw material used in steel-making. It is majority-owned by the Moreira Salles group, which also controls Unibanco, one of the largest banks in Brazil. The Chinese buyers are Taiyuan Iron and Steel Group, financial conglomerate Citic Group, Baosteel Group, Anshan Iron Steel Group and Shougang Group. The deal has been in the works for more than two years, said a source close...
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