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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