Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) says it has divested almost 50% of its preferred shares in fellow steel producer Usiminas.
Before the transaction, CSN held 20.29% of the preference stock following its acquisition in 2011. The company also has a 15.19% stake in the voting shares of Usiminas, Kallanish notes.
On 7 May, CSN sold 56,000,000 preferred shares issued by Usiminas, reducing its participation, directly and indirectly, to 10.07% of the preferred shares.
“The company will evaluate strategic alternatives for the allocation of financial resources from this sale,” CSN says in a stock exchange filing. No further information was disclosed by the steelmaker.
Nevertheless, according to sources from the Brazilian stock exchange, the transaction was worth BRL 1.3 billion ($248.7 million). CSN has pledged not to sell the rest of the preferred shares for a period of 45 days. After that period, a new divestment is expected to take place, suggest local media reports.
Todor Kirkov Bulgaria