January 1, 2010
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, Koreas 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
Brazil’s Companhia Siderúrgica Nacional (CSN) sold in October 2008 a 40% stake of iron ore unit Namisa to a consortium of Japanese and Korean companies when iron ore prices were sliding, as were practically all other commodities amid the global financial slump.