Brazilian steelmaker Usiminas eased rules that allow existing shareholders to exit their investment in the company, amid mounting speculation of a tie-up with a rival. Shareholders of the Belo Horizonte, Brazil-based company passed changes late on Thursday to the way Usiminas reimburses shareholders who sell their stake. The changes were approved with restrictions, Usiminas said in a securities filing, without elaborating. The decision comes amid speculation that Usiminas' employee pension fund, a member of the company's controlling bloc with a 10 percent stake, is willing to divest its holdings in the company. The fund, known as Caixa de Empregados da Usiminas, has veto power on some company strategic decisions and will remain as part of Usiminas' controlling bloc until 2016. Newspaper Valor Economico reported on Friday that changes to the rules for reimbursements will likely spark a regulatory complaint by Usiminas' minority shareholders, alleging a conflict of interest.
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