Brazilian anti-trust authority, Cade, approved on Monday without restrictions Vale’s acquisition of innovation company New Steel. Vale agreed to pay $500 million for New Steel, as previously reported by SteelOrbis. Hankoe FIP was New Steel’s main shareholder at the time.
Following Vale’s acquisition of all New Steel’s shares, the Brazilian miner becomes the company’s controlling shareholder.
New Steel Global and subsidiaries New Steel SA and Centro Technologico Solucoes Sustentaveis develop technologies for the processing and the beneficiation of iron ore and its residues, Cade said.