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Stock Market & Financial Investment News

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 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.
News For TX;TS From The Last 14 Days
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September 26, 2014
09:54 EDTTXUsiminas board passes resolution dismissing CEO
Ternium (TX) announced that the board of directors of Usinas Siderúrgicas de Minas Gerais (USNZY) passed a resolution dismissing the company's CEO and two other executives from their respective positions at the Usiminas board of officers. The board resolution dismissing the officers was passed with a 5 to 5 vote, and the tie was resolved by the chairman of the board through his casting vote. The dismissal of the officers is part of a controversy that arose within the Usiminas control group with respect to rules applicable to the appointment of senior managers. Ternium believes that the votes cast by the NSSMC Group-appointed members were computed in violation of the shareholders agreement that governs the rights of the members of Usiminas' control group. The NSSMC Group is comprised by Nippon Steel & Sumitomo Corporation, Mitsubishi (MSBHY) and Metal One. Following the dismissal of the officers, the position of CEO of Usiminas will be held, on a temporary basis until a new board of officers is agreed between the T/T Group and the NSSMC Group, by Romel Erwin de Souza, Usiminas' current Vice-president of Technology, who was elected with the same votes that decided the dismissal. Ternium intends to take all reasonable actions to protect its rights and investment in Usiminas.

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