Shareholders at Mexican integrated steelmaker Altos Hornos de Mexico (AHMSA) have allowed the company to continue negotiations with Villacero for a “strategic alliance.”
AHMSA said shareholders allowed the company to seek all necessary approvals to move on the deal, giving the go-ahead authorization in a shareholder meeting in late November. AHMSA said it expects to re-balance its finances and obtain government anti-trust approval to proceed with the deal, the exact terms of which have not been fully disclosed.
Villacero and AHMSA extended negotiations but neither company was specific about the type of transaction, whether it will be an acquisition by Villacero or a merger of both companies.