Steelmaking group Ternium SA agreed on Thursday to pay 616.7 million reais ($247 million) to pension fund Previ for a stake in Usiminas, as a battle for control of the beleaguered Brazilian mill heats up. Under terms of the agreement, which were unveiled in a statement, Ternium will acquire 51.4 million common shares from Previ, the pension fund owned by workers of state-run Banco do Brasil SA. Ternium paid 12 reais per common share of Usiminas , representing an 82 percent premium to the stock's close on Wednesday.Last week, a rift between Japan's Nippon Steel & Sumitomo Metal Corp and Ternium, Usiminas' biggest shareholders, ended on the dismissal of Juli�n Eguren as chief executive of Usiminas.Ternium's purchase of the Previ shares will not trigger a tender offer for more Usiminas shares to other shareholders, the statement added. Usiminas is formally known as Usinas Sider�rgicas de Minas Gerais SA, and is Brazil's largest flat steel producer.($1 = 2.4952 Brazilian reais)
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 $23.64 and as high as $32.99. On average, 152934 shares of TX exchange hands on a given day and today's volume is recorded at 188010.
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