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Ternium agrees share purchase deal with Usiminas

The shares have been bought at a 41 per cent premium.

28 November 2011

Steelmaker Ternium has completed business negotiations on a deal that will see it purchase a stake in Usiminas Control Group.

The agreement, which will give it 27.7 per cent of the voting capital, offers 36 Brazilian Reals (£12.40) per share.

Negotiations skill may have been used as this represents a 41 per cent premium on the six-month average of Usiminas' price.

In total, 139.7 million shares have been purchased by the Luxemburg-based company Ternium, its subsidiary Siderar and Confab Industrial.

"These transactions seal a strategic alliance in Latin America among Nippon Steel, Usiminas and Ternium that will create value for all companies involved," a Ternium press release stated.

At present, Usiminas is the biggest flat steel producer in Brazil and it is hoped the investment will seek to make the firm more competitive.

It comes after a report by the World Steel Association suggested global steel use is going to increase by 6.5 per cent in 2011.

Posted by Ron Maverick

Source: Ternium press release, November 27th
 

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