SAO PAULO (Reuters) - Glencore PlC (L:GLEN) has signed an agreement to invest up to 66 million reais (16.16 million pounds) into Brazilian copper producer Paranapanema SA, the Brazilian firm said in a securities filing.
Paranapanema (SA:PMAM3) said the cash injection will give Glencore the right to appoint one board member and that the agreement is conditioned on Paranapanema proceeding with a reorganization plan that will include refinancing its debt with creditors.
($1 = 3.1406 reais)