Brazil Usiminas Minority Shareholders To Fight For Tag-Along Right - Report
December 01 2011 - 8:26AM
Dow Jones News
Minority shareholders in Brazilian steelmaker Usinas
Siderurgicas de Minas Gerais SA (USIM5.BR) plan to fight for the
right to sell their shares at the same price offered by steelmaker
Ternium SA (TX) to members of Usiminas's controlling group, Jornal
do Commercio reported Thursday, citing executives of two Brazilian
stockholders' associations.
Minority shareholders are discussing how to obtain the so-called
"tag-along" right of sale at the same price, the presidents of
Brazil's capital markets investors' association Amec and of the Sao
Paulo branch of the capital markets' analysts and investment
professionals association Apimec told the Rio de Janeiro-based
newspaper.
Ternium, together with its affiliates Siderar and TenarisConfab,
will pay 36 Brazilian reais ($20.11) per share for 27.7% of the
steelmaker's ordinary shares previously held by Votorantim, Camargo
Correa and the Usiminas employees' pension fund, according to an
accord announced Sunday. The price agreed to is more than 80%
higher than the trading price of the shares when the markets closed
the previous Friday, Jornal do Commercio said.
The minority shareholders will request Brazil's securities
commission CVM consider the possibility of minority shareholders in
Usiminas being entitled to tag-along right, Jornal do Commercio
cited Amec president Edison Garcia as saying.
The share sale to Ternium needs to be analyzed from a legal
perspective, the newspaper cited Apimec-SP president Reginaldo
Alexandre as saying.
The two investors associations weren't immediately available for
comment when contacted by Dow Jones Newswires.
-By Diana Kinch, Dow Jones Newswires, 55 21 7564 4495,
diana.kinch@dowjones.com
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