Ternium takes control of Usiminas

Ternium takes control of Usiminas

M&A Equity Capital Markets Brazil Argentina Japan

Brazilian steelmaker Usiminas said Thursday that Ternium agreed to buy 68.7 million shares from Nippon Steel, Mitsubishi Corporation and Metal One Corporation to take control of the company, according to a securities filing. Ternium could pay BRL687 million ($135 million) in the transaction after pricing Usiminas' shares at BRL10.00 each. Shares in Usiminas rose 7.85% after the announcement to close at BRL7.97 on Thursday. Ternium and Nippon Steel have co-managed Usiminas in recent years, but th

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