Blackstone May Bid for Majority Stake in IOC – Reuters

U.S. private equity firm The Blackstone Group might be a bidder for U.K.-based Rio Tinto PLC‘s majority stake in Iron Ore Company of Canada (IOC), sources with “knowledge of the situation” told Reuters. Rio Tinto values the Montréal-based IOC, an iron ore producer and supplier of iron ore pellets and concentrate, at around US$8 billion, and is seeking between US$3.5 billion and US$4 billion for its equity position. Another potential bidder may be Glencore Xstrata PLC, the Switzerland-based company formed via a merger earlier this year.

For further details about Iron Ore Company of Canada, please visit the company’s website.

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