Ternium S.A., one of the leading steel companies in Latin America, has entered into a definitive agreement under which it expects to obtain control of Grupo Imsa S.A.B. de C.V. in Mexico, which owns the U.S.-based coil coating operation Steelscape Inc., for a total consideration (equity value) of approximately US$1.7 billion. Under the agreement, Ternium, or any of its subsidiaries, will make a tender offer in accordance with applicable Mexican law for all of the issued and outstanding share capital of Grupo Imsa at a price of US$6.40 per share.
Paolo Rocca, Ternium’s chairman commented, “Upon the completion of this transaction, Ternium will strengthen its position in North America, where more than 60% of its revenues will be concentrated. The integration of Imsa will expand Ternium’s industrial capabilities in value added steel products in Mexico and in the U.S., where it will have a team of more than 13,000 highly trained and committed employees.”
The transaction is subject to Mexican and U.S. antitrust clearances, approval by the Mexican securities regulator, and other customary conditions. It is expected to close in the third quarter of 2007.
For more information, call 866.890.0443 or visitwww.ternium.com.
Ternium to Acquire U.S. Coil Coating Operation - Posted 5/2/07
May 2, 2007