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), reports Reuters. Sources "with knowledge of the situation" said 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.
4 June 2013•1 min read
