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By Market News Video Staff, Tuesday, November 30, 11:24 AM ET
Leucadia National Corporation (NYSE:LUK) said today it has agreed to sell is 30% stake in the Cobre Las Cruces copper mining project to Inmet Mining Corporation.
Inmet will pay $150 million in cash and 4,442,413 news issued common shares of Inmet valued at $330 million.
Leucadia will also be released from its guarantee of $72 million in debt owed by Las Cruces to an affiliated of Inmet.
Upon closing, the total gain to Leucadia will be $280 million.
Leucadia shares are trading down 1.4% today.
At 5.26% of the holdings, Leucadia is the top stock in the Global Listed Private Equity Portfolio (AMEX:PSP). Among U.S.-listed firms in the fund is Blackstone Group (NYSE:BX), at 3.99% of the fund, Ares Capital (NASDAQ:ARCC), at 3.29%, and American Capital (NASDAQ:ACAS), at 2.99%.
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