Techint to Buy
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
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