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Ternium wins antitrust nod for ThyseenKrupp's Brazil steel unit

Thursday, Aug 03, 2017

Brazil's antitrust agency Cade has approved Ternium SA's acquisition of Thyssenkrupp AG's Brazilian steel mill CSA Cia Siderúrgica do Atlántico SA, allowing the German behemoth to end a foray in the Americas that triggered massive losses.

In a ruling published in Brazil's government gazette on Tuesday, Cade allowed without restrictions Ternium's purchase of Thyssenkrupp's 100 percent stake in CSA. The deal was valued at 1.5 billion euros ($1.8 billion) when it was announced on Feb. 22, confirming a Reuters report the prior day.

On June 9, Cade agreed to analyze a request from Brazilian steelmaker Cia Siderúrgica Nacional SA (CSNA3.SA) to gauge whether the Ternium-CSA deal could hamper competition in the local flat steel market.

Late last year, Thyssenkrupp took full control of CSA after Vale SA , the world's No. 1 iron ore producer, exited the company for a token sum.

 

Source:reuters.com

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