EC approves Gerdau, Santander, Bogey buy of Sidenor
The European Commission announced today that it approved Gerdau SA, Grupo Santander Central Hispano SA and Bogey Inversiones SA's acquisition of Sidenor Steel Products
Manufacturing.
In mid-November 2005, Brazilian steelmaker Gerdau and Spanish bank Santander announced that they would each buy 40 percent of Sidenor, which produces steel used in the
automotive industry. The cost of the deal was Euro 443.8 million.
Bogey Inversiones, the executives of Sidenor, will hold the remaining 20 percent stake in the company.
The deal will enable Gerdau to enter to the EU steel market.
If no third-party lodges a complaint, the deal will be completed in a month's period.