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Name | Symbol | Market | Type |
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Ternium SA | NYSE:TX | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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1.25 | 2.97% | 43.35 | 43.00 | 42.07 | 42.10 | 304,167 | 23:10:27 |
RIO DE JANEIRO--Brazilian state development bank BNDES could offer up to 4 billion reais ($2.01 billion) in financing to support steelmaker Companhia Siderurgica Nacional's (CSNA3.BR) bid for ThyssenKrupp AG's (TYEKY) steel operations in the Americas, newspaper Valor Economico reported Tuesday, citing people close to the negotiations.
CSN, as the company is known, recently submitted a $3.8 billion bid for ThyssenKrupp's Steel Americas division, which comprises a plant in Alabama and a 73% stake in a major Brazilian steel mill. Global industry giant ArcelorMittal (MT) has emerged as another leading bidder, while a number of other companies reportedly are also interested.
BNDES's goal is to "strengthen" CSN and bring control of the local steel mill, known as Companhia Siderurgica do Atlantico, into Brazilian hands, Valor said Tuesday. The paper noted that CSN has been bested by foreign companies such as ArcelorMittal and Ternium SA (TX) in past attempts to acquire steel assets in Brazil.
BNDES has a policy of declining to comment on negotiations that may be ongoing.
CSN's shares plunged earlier this month on the initial news of its bid for Steel Americas, as analysts questioned the company's ability to front the necessary cash without compromising its balance sheet. The shares recently traded 3.5% higher at BRL11.42.
Write to Paul Kiernan at paul.kiernan@dowjones.com
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