Brazil’s anti-trust authority, Cade, has approved with no restrictions the acquisition, by Companhia Siderurgica Nacional (CSN), of a 15 percent stake in local flat steel re-roller Armco.
According to Cade, CSN may increase its stake in the company to up to 49 percent, in case it decides to buy the remaining shares of Aeté Participações, the majority stakeholder at Armco.
Aeté, which had a 96.97 percent stake in the company before the deal was closed, now has a 84.67 percent share of the flat steel re-roller business. Under the terms of the deal, CSN will be Armco’s preferred supplier of steel products, despite not having any exclusive agreement with the company.