Brazil's Banco Opportunity Buys Metalurgica Gerdau Stake
27 Abril 2009 - 6:47PM
Dow Jones News
Brazilian fund manager Banco Opportunity purchased 15% of
outstanding preferred shares in steel holding company Metalurgica
Gerdau SA (GOAU4.BR), the company said late Monday.
In a filing with stock regulators, Metalurgica Gerdau said that
Banco Opportunity purchased 191,500 preferred shares, or 15.01% of
outstanding preferred shares, on April 20.
"We would like to inform that the acquisition of the mentioned
preferred shares does not have as an objective a change of control
in the company," Metalurgica Gerdau said. Banco Opportunity,
however, does intend to nominate a member to the company's board of
directors.
Metalurgica Gerdau's shares closed down 4.2% at 19.47 Brazilian
reals ($8.77), making Banco Opportunity's stake worth BRL3.73
million.
Metalurgica Gerdau is a steel holding company for some
activities of Brazilian long steel giant Gerdau (GGB). Gerdau is
the largest long steel maker in the Americas.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085;
jeff.fick@dowjones.com