Tuesday, 01 Feb 2011
Bloomberg reported that Usinas Siderurgicas de Minas Gerais SA, Brazil’s second-largest steelmaker, said it will sell as much as 14.3% of rival Ternium SA to boost cash reserves.
The stock will be sold in a public offering scheduled to be priced in the second week of February, according to a regulatory filing from the Belo Horizonte based company, known as Usiminas.
Ternium and controlling shareholder Techint Group agreed to buy shares of Ternium worth USD 250 million as part of the deal.(sourced:Bloomberg)
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