Sunday, Sept11, 2011
Companhia Siderurgica Nacional SA (CSN) continues to grow its stake in Usinas Siderurgicas de Minas Gerais SA (Usiminas), its flat-rolled steelmaking rival in Brazil.
On Thursday, Brazilian newspaper O Estado de Sao Paulo reported that CSN has made an offer to the other shareholders in Usiminas--which include Camargo Corraa, Votorantim and Nippon Steel--to acquire a 26 percent stake in Usiminas. CSN is bidding for Camargo Corraa's and Votorantim's shares in the company. Camargo Corraa and Votorantim own a combined 13 percent stake in Usiminas, while CSN owns 10.84 of Usiminas' voting shares after buying added Usiminas stock in late July. However, the reports have been confirmed by either CSN or Usiminas.
Based on the shareholders agreement, Nippon Steel, which holds a 27.8 percent stake in Usiminas has the first right to refuse CSN's bid.
Also according to Thursday's report in the newspaper, Nippon Steel has approached Gerdau SA about becoming a possible shareholder in Usiminas as well.
Tags: flats , Brazil , Japan , Far East , South America , investments , M&A , steelmaking , Gerdau , Nippon Steel , East Asia and Pacific
Companhia Siderurgica Nacional SA (CSN) continues to grow its stake in Usinas Siderurgicas de Minas Gerais SA (Usiminas), its flat-rolled steelmaking rival in Brazil.
On Thursday, Brazilian newspaper O Estado de Sao Paulo reported that CSN has made an offer to the other shareholders in Usiminas--which include Camargo Corraa, Votorantim and Nippon Steel--to acquire a 26 percent stake in Usiminas. CSN is bidding for Camargo Corraa's and Votorantim's shares in the company. Camargo Corraa and Votorantim own a combined 13 percent stake in Usiminas, while CSN owns 10.84 of Usiminas' voting shares after buying added Usiminas stock in late July. However, the reports have been confirmed by either CSN or Usiminas.
Based on the shareholders agreement, Nippon Steel, which holds a 27.8 percent stake in Usiminas has the first right to refuse CSN's bid.
Also according to Thursday's report in the newspaper, Nippon Steel has approached Gerdau SA about becoming a possible shareholder in Usiminas as well.
Tags: flats , Brazil , Japan , Far East , South America , investments , M&A , steelmaking , Gerdau , Nippon Steel , East Asia and Pacific
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