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05.05.08
Ternium Fights to Keep Stake in Sidor
Buenos Aires 05/04/08 (www.emfis.com)
Ternium SA wants to maintain a stake in Siderurgica del Orinoco (Sidor), Venezuela’s largest steelmaker, nationalized by President Hugo Chavez.
Ternium is a Luxembourg-based company controlled by Italian-Argentine Techint Group, one of the largest steelmaking groups in Latin America.
Chavez ordered Sidor nationalized some time ago, but moved to expropriate the company outright on April 30 as talks to fix a sale price for Ternium’s shares failed. Chavez said Ternium asked $4 billion for the share, while the government valued Sidor at $800 million.
Ternium president Daniel Novegil said he hopes that Ternium can reach a fair deal to both retain a share of Sidor and receive a fair price for its shares in the company.
Source: EMFIS.COM, Author:
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