Icahn Enterprises To Sell Ferrous Resources To Vale S.A. For About $550 Mln

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(RTTNews.com) - Icahn Enterprises L.P. ( IEP ) Wednesday said it agreed to sell its majority-owned subsidiary Ferrous Resources Limited Inc. to Vale S.A. for about $550 million.

Icahn Enterprises first acquired an interest in Ferrous in 2012, and subsequently acquired its controlling interest in 2015.

Carl Icahn, Chairman of Icahn Enterprises, stated: "As committed, long-term investors, we stood by Ferrous and invested additional capital in the form of both debt and equity, moved forward with critical growth capex projects and did all of this at a time when others were fleeing the sector. By investing additional capital and leading the company with a strong and effective Board of Directors, we were able to stabilize and improve Ferrous' situation, which laid the groundwork for this transaction."

The transaction is expected to close in 2019, subject to receiving antitrust approval in Brazil, and other customary closing conditions.

Read the original article on RTTNews (http://www.rttnews.com/2960491/icahn-enterprises-to-sell-ferrous-resources-to-vale-s-a-for-about-550-mln.aspx)

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This article appears in: World Markets , Stocks
Referenced Symbols: IEP ,

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