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Stock Market & Financial Investment News

News Breaks
February 5, 2013
07:17 EDTTS, TXTernium 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 S.ar.l., 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.
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May 18, 2015
08:40 EDTTXTernium restated carrying value of Usiminas investment
Ternium has revised its value in use calculation for its investment in Usinas Siderúrgicas de Minas Gerais S.A. -- Usiminas and will restate its financial statements to reduce the carrying amount of the Usiminas investment to $561.8M as of September 30, 2014. As a result of this restatement, the financial statements at December 31, 2014 and March 15, 2015 will also be restated to reflect the lower carrying value of the Usiminas investment. Ternium's cash flows are not affected. These actions follow the conclusion of previously disclosed discussions with the staff of the SEC regarding Staff comments relating to the carrying value of the company's investment in Usiminas under IFRS as of September 30, 2014 and subsequent periods. The Staff had requested information regarding Ternium's value in use calculations and the differences between the value in use carrying amounts and certain fair value indicators, including in particular the purchase price of approximately $4.80 per share which the company paid in October 2014 for the acquisition of 51.4M additional Usiminas ordinary shares from Caixa de Previdência dos Funcionários do Banco do Brazil -- PREVI. In connection with these discussions, the company revised the assumptions used to calculate the carrying value of the Usiminas investment at September 30, 2014 in light of the Staff's comment that the PREVI transaction price provided objective evidence of the value of the Usiminas investment. The restated carrying value as of September 30, 2014 has been revised to reflect a per share value equal to the PREVI transaction price.
05:07 EDTTSTenaris restates value of Usiminas investment
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