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London-based fund Aethel Partners, owned by Portuguese Ricardo Santos Silva and which tried to buy Novobanco, has presented a proposal of €2.3 billion to buy.
A Swedish state-owned iron ore mining giant has accused a newer player in the market of copyright infringement.
LKAB Minerals, which produces high-density iron ore aggregate MagnaDense, has sent a legal letter to London-headquartered Aethel Mining, asking it to rename its recently launched MuaDense product.
Both products can be used as aggregates to produce high-density concrete.
Ricardo Santos Silva, a director of private equity-backed Aethel Mining, described receiving the letter as “odd”.
He told
Construction News: “It seems odd. Both our firms sell rocks that are mostly iron. So the specs will be similar; it is what it is. But our product (MuaDense) is named after the mountain where it is mined (Mua), which has had the same name since at least Roman times.”