Privatization of Companhia Vale do Rio Doce (CVRD), Brazil
.
Privatization of Companhia Vale do
Rio Doce (CVRD), Brazil
| In this study of
privatizing CVRD, Seaport
Consultants Canada Inc. was responsible for reviews of the ports of Tubarão and Ponta da
Madeira, and
Navegação Vale do Rio
Doce S/A (Docenave), CVRD's bulk shipping company. The work involved evaluations
of the management and operations of the ports, and modeling the ports' financial
performances over the next fifteen years as part of the valuation exercise. The study also
involved detailed financial evaluation and modeling of Docenave. Seaport was part of the Merrill Lynch, N M Rothschild, Fluor Daniel Wright et. al. consortium that conducted this study of privatizing CVRD, a Brazilian state mining and industrial holding company. The consortium's client was the National Economic and Social Development Bank of Brazil (BNDES). As measures of the scale of the project, CVRD was worth some US $10 billion in total and the initial share offering in the first half of 1997 was US $3.4 billion. The ports of Tubarão and Ponta da Madeira handled between them over 100 million tonnes a year of cargo (Tubarão is the world's largest dry bulk loading port). Docenave, the tenth largest bulk shipping company in the world in terms of beneficially-owned dead-weight tonnage, transported over 30 million tonnes a year of bulk and semi-bulk cargoes. |
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