Brazilian court injunction halts Vale's acquisition of Ferrous Resources

An injunction from a Brazilian court has halted Vale’s acquisition process of Ferrous Resources for 30 days, until the miner can provide proof that it will implement international environmental compliance standards.

Vale is yet to be notified about the judicial decision issued by the court in the Brazilian Federal District, where Brazil’s capital Brasília is located, and would engage in appropriate measures in due time, it told Fastmarkets.

The company announced it would buy Ferrous Resources for $550 million on December 6 as part of its ‘bolt-on acquisition’ program, and Brazilian antitrust regulator Cade approved...

Published

Renato Rostás

November 08, 2019

16:35 GMT

São Paulo