Friday, 28 Jan 2011
CSN, Brazil's largest diversified steel group, could bid formally for Usiminas, its bigger rival in the flat steel segment, according to a report by Banif analyst Juliano Navarro. CSN said on Thursday that it boosted its stake in Usiminas voting stock to 5.03 percent from 4.99 percent and could step up purchases to the equivalent of 10 percent of Usiminas' capital.
However, the company said that "it is studying strategic alternatives, including the acquisition of additional shares, more than the aforementioned amount." Navarro said CSN could bid for part of the shares owned by Usiminas' controlling shareholders, pay in cash for them or even do a share swap. (source:af.reuters)
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