Itochu's deal to buy stake in Brazil's CSN Mineracao implies 26% premium

Companhia Siderurgica Nacional SA

17/10/2024 12:59

SAO PAULO, Oct 17 (Reuters) - Brazilian steelmaker CSN's
 CSNA3.SA  deal to sell a stake in CSN Mineracao  CMIN3.SA  to
Japan's Itochu  8001.T  implies a 26% premium over the previous
closing price for shares in its mining subsidiary, a securities
filing showed late on Wednesday.
    CSN announced the deal to sell up to 11% of CSN Mineracao to
Itochu early on Wednesday, but did not immediately provide
financial details. The price was revealed later in a fresh
filing at the request of Brazil's securities commission.
    According to the steelmaker, the price agreed with Itochu
for the deal was 7.50 reais per share, above CSN Mineracao's
Tuesday's closing of 5.95 reais per share.
    CSN added that "the form of payment, any adjustments and
other conditions of the deal are still being negotiated and have
not been defined by the parties."

 (Reporting by Alberto Alerigi Jr.
Editing by Mark Potter)
 ((mailto:alberto.alerigi@tr.com; +55 11 56447753;))