Peruvian longs steelmaker Aceros Arequipa said Tuesday local distributor Tradi SA has requested more time to analyze the steelmaker’s non-binding proposal to acquire a stake in the company.
According to a document filing, Tradi SA requested 60 days to evaluate Aceros Arequipa’s second non-binding proposal to acquire a 77.9 percent stake at Tradi SA, which is a local distributor that specializes in civil construction materials.
Aceros Arequipa said it has accepted Tradi SA’s request, but did not disclose the terms of the second non-binding proposal. If a deal is closed, it will still be subject to local antitrust or competition authorities.