Reuters scoops on $10 bln auction for iron ore miner Namisa

Reuters broke news on July 21 that Russian, Indian, Chinese and Japanese steelmakers were in the second round of bidding for Namisa, the iron ore business of Brazil’s CSN that could fetch $10 billion. After more than a week of cross-checking sources, Reuters lifted the lid on a sales process by Goldman Sachs and revealed serious big-name interest. CSN shares in both Sao Paolo and New York gained on the news, closing up more than 5 percent up. The story won play in the Brazilian media and was unmatched by rival news services, with Bloomberg citing the Reuters story.