BEST CROSS-BORDER M&A DEAL

BEST CROSS-BORDER M&A DEAL

Brazil M&A

It was the standout transaction in a surprisingly active market for cross-border M&A, which is expected to get busier in 2010. "The price was excellent for CSN as it values Namisa as a whole at $7.5 billion. The deal brought great value at a very difficult moment," says Leonardo Correa, equity analyst at Barclays Capital. The stake was sold to a consortium made up of Itochu, Nippon Steel – which owns a 22% stake in Usiminas – JFE Steel, Korea’s Posco, Sumitomo Metal Industries, Kobe Steel and Nisshin Steel. Goldman Sachs was retained in April 2008 to advise CSN on the sale. Namisa was seen as a non-core asset for CSN, which apparently jumped on what it viewed as an attract

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