(Updates with control group in second paragraph, CSN stake in third paragraph.)
Nov. 17 (Bloomberg) -- Ternium SA, the second-largest steelmaker in Latin America, said it’s in talks to buy a minority stake in Usinas Siderurgicas de Minas Gerais SA.
Ternium is negotiating with members of the group that controls Usiminas, as the steelmaker is known, the company said today in an e-mailed statement. Nippon Steel Corp., Camargo Correa SA, Grupo Votorantim and Mitsubishi Corp. control Usiminas with a 53.8 percent voting stake.
Rival Brazilian steelmaker Cia. Siderurgica Nacional has been buying Usiminas shares since at least January, when it said it may boost holdings to a level that could alter management or the control structure.
Usiminas’s common shares rose 4.4 percent to 24.27 reais at 1:40 p.m. in Sao Paulo trading. Earlier, the shares gained as much as 7.3 percent after Exame magazine reported yesterday that Ternium offered to pay 40 reais a share to buy a 26 percent voting stake in Usiminas from Camargo and Votorantim.
Ternium’s American depositary receipts fell 9.3 percent to $22.86 in New York Stock Exchange composite trading.
--Editors: Jessica Brice, Dale Crofts.
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