EBX Mining, Logistics Spinoffs Soar at Debut

Shares of IronX and LLX, the mining and logistics companies belonging to Eike Batista’s EBX, soared Monday in their trading debuts. As part of a deal to sell MMX’s mining and logistics assets to Anglo American and Cleveland-Cliffs, holders of MMX saw each of their shares converted into three separate stocks: MMX, the original company that went public in 2006, IronX, the company holding the MMX mining assets that were not sold, and LLX, the logistics company that will transport ore for IronX, MMX and Anglo American. As holders of MMX sold into the market, the value of the newly listed IronX shares soared 29.3% to BRL27.03 on the Bovespa, while LLX jumped 21.9% to BRL4.85, according to the Brazilian exchange.