A 52 percent stake in
Colombia's second largest steelmaker Paz del Rio will be auctioned today, March 16, at 3.30 p.m. local time (-0500 UTC) on the Bogotá stock exchange.
The controlling stake in the company will be auctioned by the current shareholders - the Colombian government, the company's workers and other minor shareholders - for a minimum price of COP 427 billion ($194 million).
Although the names of the bidders have not been disclosed, the Colombian Anti-Trust Agency has authorized four foreign companies – Arcelor Mittal, Brazilian CSN, Gernau SA and industrial group Votorantim – to participate in the auction.
In order to participate in the auction, these four bidders had each to lodge a deposit of at least COP171 billion ($87 million) as a guarantee.
Currently, Paz del Rio is the second largest steelmaker in
Colombia, owning
iron ore and
coking coal assets in addition to its steel mill.