Ternium, the second-largest steelmaker in Latin America, and Tenaris, the world's biggest seamless pipemaker, announced Tuesday their completion of the acquisition of shares from Camargo Corrêa, Votorantim Group and Usiminas employees' pension fund Caixa dos Empregados Usiminas (CEU). Ternium and Tenaris reached the 27.7 percent of the voting capital by purchasing shares at BRL$36 per share (US$19 per share). Ternium financed their BRL$4.1 billion share (approximately US$2.2 billion) with cash on hand and, in the case of Ternium, a US$700 million syndicated term loan.
The acquisition was first reported by SteelOrbis on November 28, 2011, where it was announced that Ternium, Tenaris and Nippon Steel were increasing stakes in Usiminas. It was reported that following these transactions, Nippon Group will hold 46.1 percent, Ternium/Tenaris Group will hold 43.3 percent and CEU will hold 10.6 percent, representing the majority of Usiminas' voting rights.