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Thursday June 29, 1:59 AMBrazil's Gerdau says buys Peru steelmakerLIMA, Peru, June 28 (Reuters) - Brazil's Gerdau bought Peruvian steelmaker Siderperu on Wednesday for $62.7 million in a stock transaction, outbidding India's Global Steel Holdings Ltd, the company said.Gerdau, the biggest producer of long-rolled steel in the Americas, purchased 51.77 percent, or 511.2 million shares, of Siderperu on the Lima stock exchange at a price of 0.40 soles (12 cents) a share. Global Steel was the only other company that prequalified for the auction, according to Peru's state investment promotion arm ProInversion, which managed the sale. Siderperu, which has the capacity to produce 450,000 tonnes of liquid steel a year, has annual sales of $221 million, ProInversion said. The government retook control of Siderperu in March after a previous, failed privatization attempt. (Additional reporting by Terry Wade in Sao Paulo) |
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