According to the report, Nippon is seeking to buy out Votorantim and Camargo Correa's combined 26 percent stake in Usiminas to stave off a rumored takeover by Companhia Siderurgica Nacional SA (CSN).
Media reports over the last couple weeks have indicated that CSN has offered Votorantim and Camargo US$2.8 billion for their combined stake--a 67 percent premium over current Usiminas shares. If CSN was successful in the takeover, it would become the majority shareholder in its flat-rolled steelmaking rival in Brazil.