Brazil's antitrust agency Cade has announced that it has approved the acquisition of shares in Brazilian steelmaker Usiminas by another
Brazil-based steelmaker Companhia Siderurgica Nacional SA (CSN). Although the transaction has received the approval of the competition watchdog , the approval was conditional upon the reduction of the shares held by CSN.
According to Cade, the deadline for CSN to dispose of shares acquired in Usiminas and the percentage to be sold is not made public. Until the sale is carried out in line with the percentage of shares determined by Cade, political rights derived from shares held by CSN in Usiminas will remain suspended.
Through successive acquisitions, CSN became the largest individual shareholder in Usiminas, owning 17.43 percent of the steelmaker's total shares. The current controlling shares are owned by Nippon Group, Techint and Usiminas Employees' Pension Fund which hold 63.86 percent of the voting capital.