Deals
Usiminas to Sell $1 Billion Ternium Stake in Offering
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Usinas Siderurgicas de Minas Gerais SA, Brazil’s second-largest steelmaker, said it plans to sell as much as 14.3 percent of rival Ternium SA to boost cash reserves. The stock gained the most in more than three months.
The shares will be sold in a public offering to be priced in the second week of February, according to a regulatory filing today from the Belo Horizonte-based company, known as Usiminas. Ternium and controlling shareholder Techint Group agreed to buy Ternium stock worth $250 million as part of the deal.