Tuesday, January 30, 2007

Mitsui to divest its 51% stake in mining major Sesa Goa

The Economic Times reports that Japanese conglomerate Mitsui and Company has decided to sell its 51% stake in Sesa Goa, India’s largest iron ore mining company. Morgan Stanley is the advisor to Mitsui on the sale. Some of the biggest names in steel and mining have shown interest in acquiring Mitsui’s stake. These include Arcelor-Mittal, Tata Steel, JSW Steel, BHP Billiton and Rio Tinto. Sesa Goa is the only company in which Mitsui has a majority stake. The Japanese major holds an equity stake of less than 51% in some of the world’s top iron ore mines, which include companies like CVRD of Brazil and in Australia.

Related Post: Mitsui’s 51% stake in Sesa Goa up for sale

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