Brazil court rules steelmaker Ternium must pay $927 million to CSN (updated)

Companhia Siderurgica Nacional SA

18/06/2024 15:18

(Adds context, share reaction)
       BRASILIA, June 18 (Reuters) - Brazil's Superior Court of
Justice ruled on Tuesday that steelmaker Ternium must pay 5
billion reais ($926.75 million) to CSN  CSNA3.SA  in a dispute
related to Ternium's acquisition of a stake in local firm
Usiminas  USIM5.SA . 
    The dispute originated in Ternium's 2011 purchase of what
was then equivalent to a 27.7% stake in Usiminas shares.
        CSN, which held 12.9% of the company's shares at the
time, filed a lawsuit on the grounds that Ternium should have
launched a tender offer to acquire shares owned by minority
shareholders. 
  
        Shares in CSN soared more than 10% in mid-morning
trading on the ruling, making it the biggest gainer in Brazil's
Bovespa stock index  .BVSP , which rose 0.3%.
  

($1 = 5.3952 reais)

 (Reporting by Ricardo Brito; Writing by Peter Frontini; Editing
by Kylie Madry)
 ((Peter.Siqueira@thomsonreuters.com;))