Germany-based steelmaker ThyssenKrupp has announced that it has completed the acquisition of the Brazilian miner Vale's 26.87 percent of shares in its Brazilian steel mill Thyssenkrupp CSA.
The 26.87 percent interest held by Vale was acquired for a symbolic purchase price of $1 in combination with an earn-out in the event of a sale of CSA. The transaction did not result in any financing requirements for Thyssenkrupp.
Under the transaction, the minority and other participating rights of Vale and existing shareholder agreements and other operating contracts between Vale and CSA will be terminated, except for the existing iron ore contract between both companies.
Thyssenkrupp stated that, by streamlining the ownership structure, it is reducing complexity and risks and increasing its room for maneuver for the further development of CSA.