Friday, March 22, 2019

NSC gets deadline to sell Usiminas

The Administrative Council for economic Defense (Cade) partially accepted the request of Companhia Siderúrgica Nacional (CSN) and extended the deadline for the company to sell shares in Usiminas. The new date for fulfilment of the obligation is confidential. The disinvestment is provided for in an agreement signed in 2015, when Cade authorized the CSN to acquire, with restrictions, ownership of mining steel. The deadline given by the organ was five years and ended in April. The prosecution has conditioned the relaxation of the time limit to maintaining suspension of political rights of NSC in Usiminas, until the sale of the shares. Since we signed the term, the CSN can take advantage only of their economic rights. According to Cade, the condition was imposed to preserve competition, since, as a shareholder of Usiminas, CSN could influence it. According to sources, the request for extension was made by CSN a year ago. The company asked for at least another six months to get rid of the papers, which would extend the deadline until October. The agreement with Cade provides that CSN may not have more than 5% of Usiminas. Today has 16.66% of the capital.
O Estado de S. Paulo - 22/03/2019 News Item translated automatically
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