Brazilian steelmaker Companhia Siderurgica Nacional (CSN) announced it reached a purchase and sale of shares agreement with Polish manufacturer Can-Pack for CSN’s tinmaker Metalic.
According to CSN, Can-Pack should pay $98 million in cash for the asset, according to the currency rate of day the deal is closed.
CSN said the deal is expected to be closed on September 30 and is subject to the compliance of certain preceding conditions previously established in the contract.
Can-Pack is one of the world’s top can makers. Bradesco BBI and BB Investment Bank advised CSN in the deal. The move is expected to help CSN diminish its debt, as it seeks liquidity and a better capital structure.