KaMin takes control of Cadam, as Vale quits the Brazilian kaolin industry

摘要

Effective 7 May, KaMin LLC (headquartered at Macon, GA) acquired control of Caulim da Amazonia (Cadam), the leading kaolin producer in Brazil. This was achieved by purchasing the entire block of shares held by Vale (formerly CVRD, headquartered in Rio de Janeiro). This block of shares represented a 61.5% stake in Cadam, for which KaMin has agreed to pay $30.1 M. The transaction valued the entire equity of Cadam at $48.9 M. The two parties have agreed on terms whereby KaMin will pay the $30.1 M in instalments over five years. At least for the time being, the remaining 38.5% stake in Cadam will be retained by the two existing shareholders, Banco do Brasil and the BNDES development bank.