Following media reports Wednesday that Ternium has offered to buy the 26 percent share of Usiminas from current stakeholders Camargo Correa and Grupo Votorantim, the Luxembourg-based steelmaker released a statement Thursday regarding its plans.
In a press release, Ternium said that it "confirms that it is currently engaged in discussions with the members of Usiminas' control group involving the potential acquisition by Ternium or its affiliates of a minority interest in that group." However, Ternium also indicated that it has not made a final decision on the potential transaction "and at this time there exists no binding offer or agreement in this respect."
Reports on Wednesday cited that Ternium has offered to pay 40 reais (US$22.6) per share for the 26 percent stake, reflecting a significant premium over the price of Usiminas' shares at the end of the trading day Thursday of 22.57 reais (US$12.77).