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