Sherritt Nears 55% Gillon Sale at Discount as Trump’s Cuba Sanctions Upend Miner

2 articles · Updated · Bloomberg · May 20

Sherritt is now in talks to let Gillon Capital buy enough newly issued shares to control 55% of the Canadian miner, with the stake priced below its already weakened stock.
Trump’s latest Cuba sanctions drove the scramble: his executive order targets entities supporting the island’s security apparatus and triggered departures including Sherritt’s auditor and chief financial officer.
The company had briefly planned to dismantle its Cuban joint ventures, then reversed that decision Tuesday after consulting advisers and government officials.
Ray Washburne’s Gillon Capital gives the deal political significance — Washburne is a former Trump appointee — and the US State Department said it has no objection to Gillon’s engagement.
Sherritt has been among Cuba’s biggest foreign investors since the 1990s, so the transaction could reshape who controls the miner and stands to benefit from any future change on the island.

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