Business Services Industry
Partners schedule Galvasud's tender.
South American Business Information, June, 2004
Brazil, Jun 9, 2004 (Valor Economico /SABI via COMTEX)
The Brazilian steel plant CSN (Companhia Siderurgica Nacional) and the German TKS (ThyssenKrupp Sthal), which are shareholders in the galvanized plant Galvasud in Porto Real (Rio de Janeiro state), have scheduled that the tender aimed at the sell off of their stakes will happen on June 15th, when will fall due Galvasud's debt of R$390mil. The banks Unibanco and KFW funded US$250mil in 1999. CSN has failed the supplying of cold rolled steel to Galvasud since last February. Market sources appointed that CSN, which owns a 51% stake in the plant, is likely purchaser. Meanwhile Arcelor owns Vega do Sul, which competes with Galvasud. CSN and Thyssen's dispute started last October when the German group appointed a...
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