Brazil's CSN to sell up to 11% of mining unit to Japan's Itochu

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Brazil's CSN to sell up to 11% of mining unit to Japan's Itochu - Channel News Asia

Quick Summary:

SAO PAULO : Brazilian steelmaker CSN said on Wednesday that it has reached a non-binding agreement to sell a stake of up to 11 per cent in its mining unit CSN Mineracao to Japan's Itochu Corp.

FILE PHOTO: The logo of Itochu Corp is seen outside the company's headquarters in Tokyo, Japan, November 7, 2016.

The company said in a securities filing that its board of directors has approved Itochu's non-binding offer, but that the conclusion of a potential transaction still depends on additional corporate and antitrust green light.