Techint says it has almost all of Hylsamex’s shares

Techint says it has almost all of Hylsamex’s shares

Argentine steelmaker Techint has reportedly purchased nearly 100 percent of Mexican steelmaker Hylsamex’s shares. At last count, Techint retained control of 99.29 percent of the stock and will pay for the remaining minority shares on August 22. The total purchase price of the company is $2.25 billion. Techint has made no formal statement as to the fate of Hylsamex’s day-to-day operations and a source close to the Hylsamex told SteelOrbis that Techint does not yet have input in its management decisions including its exports to the US. It is likely, however, that after the buyout is complete, Techint will reorganize the sales and export department. One possible scenario would be for Techint to handle Hylsamex’s export at their office in Houston, Texas. Such a change could significantly affect how Hylsamex products’ purchasers and traders do business with the company. In a further development, the Mexican stock exchange revealed today that it will not replace Hylsamex when it delists the company next week.