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Miner makes a bid for Brazil’s Log-In Logística Intermodal

Brazilian mining and logistics company Manabi Holding has offered to buy a majority stake in compatriot cargo ship and port operator Log-In Logística Intermodal, reports say.

Log-In told Reuters Manabi has made a non-biding proposal to buy its shares in a capital increase to acquire at least a 51% stake in the company. Management are reportedly considering the proposal alongside others.

Log-In hired global investment bank Moelis in late December to help with refinancing $475m in bank loans from Itaú Unibanco Holding, Banco do Brasil, HSBC Holdings and Banco Santander Brasil.

Investment bank BR Partners Banco de Investimento is acting on Log-In’s behalf trying to raise $125.7m in new investment.

The economic recession in Brazil has made lenders to the country’s private sector more cautious, which has squeezed the availability of finance while increasing its costs.

Log-In owns a fleet of container ships and operates terminals in the states of Espirito Santo, Sao Paulo, Minas Gerais and Bahia. It also provides rail services.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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