Cleary Gottlieb is advising the Chilean Codelco Group in the sale of its shares in Deutsche Giessdraht GmbH to Aurubis AG.
Prior to the transaction, Codelco’s stake, via its German subsidiary Codelco Kupferhandel GmbH, represented 40 percent of the joint venture. The remaining 60 percent was already held by Aurubis. The joint venture produces roughly 240,000 tons of copper wire rod per year, and it has a workforce of approximately 110 employees.
The parties have agreed not to disclose the purchase price. The transaction is subject to approval by the antitrust authorities.
The state-owned copper mining group Codelco, headquartered in Santiago de Chile, is the largest copper producing company in the world with total revenues of approximately $11.5 billion in 2016.