Ternium announced that its subsidiary Ternium Investments will buy the remaining stakes in the group that controls Brazilian steel and iron ore producer Usiminas from Nippon Steel and Mitsubishi Corporation.
Ternium will pay the equivalent of US$315.2 million for 153.1 million shares, increasing its holding in the controlling group from 51.5 to 83.1 percent.
Upon completion of the transaction, which is subject to the approval of the Brazilian antitrust authorities, Ternium Investments, its subsidiary Ternium Argentina and Confab, a subsidiary of Tenaris, will have a total participation of 92.9 percent in the control group, while the employees' pension fund Usiminas will own the remaining 7.1 percent.
The acquisition will be carried out from its own resources Ternium.
