Brazilian integrated steelmaker Gerdau sold a minority stake at its subsidiary Siderperu, one of Peru’s main steelmakers, to Gerdau Chile Inversiones Ltda, the Brazilian-based steelmaker said.
Gerdau said the transaction will not change the way the business is operated, adding that it does not characterize the move as a stock public offering.
Gerdau said Gerdau Chile Inversiones Ltda bought 463 million shares for a combined $155 million. Gerdau SA, the Brazilian holding company, owns 642 million shares at Siderperu, while Gerdau Chile Inversiones Ltda owns 463 million shares.