Brazilian securities exchange commission, CVM, has rejected a request by Companhia Siderurgica Nacional (CSN), a competitor and also minority shareholder at flats steelmaker Usiminas, to force Ternium to sell stocks. Ternium and Nippon Steel are majority shareholder at Usiminas. The move marks the second time CSN has tried to force a tender offer.
According to a document filing by Usiminas, CVM said the arrival of the Ternium Techint group as a shareholder in the company does not necessarily demand the sale of stocks.
CSN argued Ternium would have certain advantage as a shareholder, but CVM did not agree.