Brazil Gerdau Board Approves Buying Remaining Ameristeel Stake

Date : 06/22/2010 @ 9:22AM
Source : Dow Jones News
Stock : Gerdau Ameristeel Corp (GNA)
Quote : 10.99  0.0 (0.00%) @ 2:05AM

Brazil Gerdau Board Approves Buying Remaining Ameristeel Stake

Gerdau Ameristeel (NYSE:GNA)
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SAO PAULO (Dow Jones)-The board of Gerdau SA (GGB, GGBR4.BR), Latin America's biggest steelmaker, approved a proposal to buy the one-third stake of its U.S. subsidiary Gerdau Ameristeel Corp.'s (GNA) that it doesn't already own for up to $1.7 billion, the company said Tuesday in a statement.

Earlier in June, Gerdau announced that it will offer $11 per outstanding Ameristeel share. Gerdau already owns 66.3% of Ameristeel's shares.

Gerdau, which has benefited recently from a recovery in economic activity, said it intends to fund the deal through existing cash resources and financing.

-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071;


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