Steelmaking group Ternium SA agreed on Thursday to pay 616.7 million reais ($249 million) for an additional stake in Brazilian rival Usiminas, as a tussle for control of the country's largest flat steel producer heats up.Under terms of the deal, Ternium acquired 51.4 million common shares from Caixa de Previd�ncia dos Funcion�rios do Banco do Brasil, the pension fund owned by workers of state-run Banco do Brasil SA known as Previ. Ternium paid 12 reais per common share of Usiminas, representing an 82 percent premium to the stock's close on Wednesday.Following the purchase of the Previ stake, a Ternium-led group will own 191.1 million common shares of Usiminas, or about 38 percent of the latter's voting capital. Usiminas is formally known as Usinas Sider�rgicas de Minas Gerais SA.Ternium, which is controlled by Italian-Argentine industrial conglomerate Techint Group, joined Japan's Nippon Steel & Sumitomo Metal Corp as part of Usiminas' controlling bloc in November 2011.
Ternium S.A. (Ternium) is a steel producer in Latin America. Shares of TX fell by 0.46% or $-0.11/share to $23.65. In the past year, the shares have traded as low as $23.21 and as high as $32.99. On average, 152423 shares of TX exchange hands on a given day and today's volume is recorded at 188010.
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