Ternium could receive US$1.6bn for Sidor

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Ternium could receive US$1.6bn for Sidor

posted on Jun 12, 2008 06:43AM

Reports: Ternium could receive US$1.6bn for Sidor - Venezuela

Wednesday, June 11, 2008

Steelmaker Ternium (NYSE: TX) may receive US$1.5bn-1.6bn in compensation for the nationalization of Venezuelan steelmaker Sidor, international press reported.

The figure is almost double the estimate released by Venezuela's ministry of basic industries and mining in April, which valued Ternium's 59.7% stake in Sidor at US$800mn.

Ternium has asked for US$3.2bn-4.8bn.

The government and company have until June 30 to finish transferring the company to state power.

Sidor has capacity of 4.2Mt/y liquid steel.

Argentine-Italian group Techint controls Ternium. The Venezuelan state already holds 20.4% of Sidor through state heavy industry holding company CVG and employees own the remaining 19.9%.

Business News Americas

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