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News Breaks
February 5, 2013
07:17 EDTTX, TSTernium named in CSN lawsuit
Ternium S.A. (TX) announced that it was made aware by Tenaris S.A. (TS) of the filing of a lawsuit in Brazil by Companhia Siderurgica Nacional, or CSN, and various entities affiliated with CSN against Ternium Investments, its subsidiary Siderar, and Confab Industrial S.A., a Brazilian subsidiary of Tenaris. The entities named in the CSN lawsuit had acquired a participation in Usinas Siderurgicas de Minas Gerais S.A. - Usiminas in January 2012. As informed by Tenaris, the CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all minority holders of Usiminas ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or 28.8 Brazilian reais, and seeks an order to compel the acquirers to launch an offer at that price plus interest. Ternium believes that CSN's allegations are groundless and without merit, as confirmed by several opinions of Brazilian counsel and previous decisions by Brazil's securities regulator Comissao de Valores Mobiliarios, including a February 2012 decision determining that the above mentioned acquisition did not trigger any tender offer requirement. Accordingly, Ternium will defend itself vigorously.
News For TX;TS From The Last 14 Days
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October 17, 2014
08:48 EDTTXBofA/Merrill global steel analysts hold analyst/industry conference call
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October 16, 2014
10:04 EDTTSTenaris to host investor day
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10:01 EDTTXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Akamai (AKAM) downgraded to Market Perform from Outperform at Wells Fargo... CGG SA (CGG) downgraded to Reduce from Neutral at Nomura... Central Valley Community (CVCY) downgraded to Hold from Buy at Sandler O'Neill... DSM (RDSMY) downgraded to Neutral from Buy at Nomura... Disney (DIS) downgraded at Guggenheim... Francesca's (FRAN) downgraded to Underperform from Outperform at Macquarie... Netflix (NFLX) downgraded to Fair Value from Buy at CRT Capital... Nordstrom (JWN) downgraded to Neutral from Outperform at Macquarie... Norfolk Southern (NSC) downgraded at Credit Suisse... Rio Tinto (RIO) downgraded to Market Perform at Cowen... Seadrill (SDRL) downgraded to Reduce from Neutral at Nomura... Ternium (TX) downgraded to Neutral from Overweight at JPMorgan... Urban Outfitters (URBN) downgraded to Neutral from Outperform at Macquarie... Viacom (VIAB) downgraded at BofA/Merrill... eBay (EBAY) downgraded to Underperform from Buy at CLSA... lululemon (LULU) downgraded to Underperform from Neutral at Macquarie.
06:06 EDTTXTernium downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded Ternium to Neutral with a $24.50 price target.
October 15, 2014
07:00 EDTTSTenaris initiated with a Hold at ISI Group
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