UPDATE Brazil's Cade Bars CSN From Buying More Usiminas Shares
12 4월 2012 - 10:01AM
Dow Jones News
Brazil's antitrust agency Cade, part of the country's justice
ministry, has suspended steelmaker Companhia Siderurgica Nacional
SA's (CSNA3.BR, SID) rights to buy shares in rival Usinas
Siderurgicas de Minas Gerais SA (USIM3.BR, USIM5.BR, USNZY), known
as Usiminas, following CSN's recent successive purchases of
Usiminas stock.
The suspension, part of a caution issued to CSN on Wednesday by
the antitrust agency, will last until Cade judges whether CSN's
purchases of Usiminas shares infringe free-competition rights in
the market, a Cade spokeswoman said. CSN's shareholder rights at
Usiminas, including the naming of directors or officers and access
to nonpublic information, have also been suspended as part of the
cautionary measure. However, CSN will still be able to receive
dividends on Usiminas shareholdings, Cade said.
CSN last year made successive purchases of shares in Usiminas,
which is its principal rival in the Brazilian flat steel products
market. CSN currently holds around 16% of Usiminas's overall
capital (including 20.14% of its preferred stock and 11.66% of its
voting shares) but doesn't form part of the company's controlling
shareholders' agreement.
CSN said in a statement in November that it was interested in
further increasing its stake in Usiminas.
According to analysts, CSN has invested in Usiminas because its
relatively low share price made it a good investment.
According to the Cade spokeswoman, it was CSN itself which
presented the antitrust case for Cade's consideration on Jan. 31,
because it wishes to gain approval for its purchases of Usiminas
stock.
Usiminas ordinary shares plunged in late trading on Sao Paulo's
Bovespa exchange Wednesday following Cade's issuing of the caution
on CSN. USIM3, which has been volatile ever since CSN started its
buying spree last year, closed 9.23% lower at 17.50 Brazilian reais
($9.56), compared with Bovespa's overall decline of 0.72%.
No date has yet been set for Cade's judgment on the case, the
spokeswoman said.
Argentine-Italian steel conglomerate Techint SpA in January
completed a $2.8 billion purchase of a 27.7% stake in Usiminas,
becoming a controlling shareholder along with Japan's Nippon Steel
Corp. (NISTY, 5401.TO), which holds just over 29% of Usiminas'
shares.
Techint's Julian Eguren was appointed as chief executive of
Usiminas in January.
-By Diana Kinch, Dow Jones Newswires, Tel: 55 21 2586 6086,
diana.kinch@dowjones.com
Usinas Siderurgicas De M... (PK) (USOTC:USNZY)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Usinas Siderurgicas De M... (PK) (USOTC:USNZY)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
