Usiminas raises stake in Cosipa to 98.7%
Bnamericas Published: Saturday, March 19, 2005
Brazilian steelmaker Usiminas completed its offer to purchase the outstanding shares of subsidiary Cosipa, the company said in a statement. Usiminas, Brazil's second-largest steelmaker, bought 231.7 million shares of Cosipa, raising its stake in the company to 98.7% and effectively consolidating its flat-steel subsidiary. At a cost of 1.24 reais (US$0.44) each, Usiminas paid 287.3mn reais. Usiminas is seeking to de-list Cosipa shares in the short term and consolidate the company into its earnings. Usiminas and Cosipa are the two main companies that make up parent holding company Sistemas Usiminas. The combined companies have installed annual flat steel production capacity of 9.5Mt.
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