Brazil's largest pension fund Previ said Thursday it's analyzing the recently announced transaction with shares in Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA (USIM5.BR, USZNY).

Previ, which is the pension fund for state-controlled bank Banco do Brasil (BBAS3.BR), said any position it adopts on this matter will seek to defend its rights and to protect its participants' resources. Previ is a minority shareholder in Usiminas with a 10.44% stake in the steelmaker's voting capital.

On Nov. 28 Latin American steelmaker Ternium SA (TX) announced it would buy a 27.7% stake in Usiminas' voting stock from fellow Usiminas shareholders Votorantim Group, Camargo Correa Group and the Usiminas employees' pension fund CEU. The price agreed for the transaction was 36 Brazilian reais ($20.11) per share, which was more than 80% higher than the last share trading price on the Bovespa stock exchange before the agreement was struck.

Minority shareholders in Usiminas plan to fight for the right to sell their shares at the same price offered by Ternium to members of Usiminas' controlling shareholders group, Jornal do Commercio reported early 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 used in the accord, the presidents of Brazil's Amec and Apimec-SP stockholders' associations were cited as saying.

Nippon Steel Corp (5401), which also increased its stake in Usiminas in the Nov. 28 transaction, remains Usiminas' largest shareholder, with 29.45% of Usiminas' voting stock.

-By Diana Kinch, Dow Jones Newswires; 55 21 2586 6086; diana.kinch@dowjones.com

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