Techint to Buy Hylsamex
Argentine steelmaker Techint plans to buy Hylsamex, Mexico's third largest steel company, for $2.25 billion. Techint wants to create a company that would combine Hylsamex, Techint's Argentine subsidiary Siderar and Venezuelan iron and steel group Sidor. Mexico's Grupo Alfa agreed to sell its 43% stake in Hylsamex to Techint and its 4.5% stake in Sidor for $107 million. It plans to use $1 billion from the sale, as well as the possible sale of nylon plants to DuPont, to eliminate its $1.24 billion in net debt.
Argentina Delays Repayment
The International Monetary Fund has allowed Argentina, which was scheduled to repay $2.5 billion in loans in 2005, to postpone repayments for a year. Argentina is now in discussions to reach a new loan agreement with the IMF. It owes the Fund a total of $13.4 billion. The country has repaid $5.4 billion...
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