China’s Wuhan Iron & Steel (Group) Corp is looking to buy Rio Tinto‘s stake in Montréal-based Iron Ore Co of Canada (IOC), reports The Wall Street Journal. Citing people familiar with the matter, the paper said the state-owned steelmaker is interested in acquiring, potentially with partners, the 59% position in IOC that Rio Tinto put up for sale in March 2013, underscoring China’s continued appetite for metal assets. The story follows an August report by Reuters that several private equity firms that were also bidding, including Apollo Capital Management and Blackstone Group, dropped out after making offers that were deemed too low. Canada Pension Plan Investment Board was, according to Reuters, working on a proposal with Apollo. The IOC acquisition has been valued at up to US$4 billion.
For further details about Iron Ore Company of Canada, please visit the company’s website.
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