USNZY Usinas Siderurgicas De Minas Gerais SA (PK)

Minority shareholders in Brazilian steelmaker Usinas Siderurgicas de Minas Gerais SA (USIM5.BR) plan to fight for the right to sell their shares at the same price offered by steelmaker Ternium SA (TX) to members of Usiminas's controlling group, Jornal do Commercio reported Thursday, citing executives of two Brazilian stockholders' associations.

Minority shareholders are discussing how to obtain the so-called "tag-along" right of sale at the same price, the presidents of Brazil's capital markets investors' association Amec and of the Sao Paulo branch of the capital markets' analysts and investment professionals association Apimec told the Rio de Janeiro-based newspaper.

Ternium, together with its affiliates Siderar and TenarisConfab, will pay 36 Brazilian reais ($20.11) per share for 27.7% of the steelmaker's ordinary shares previously held by Votorantim, Camargo Correa and the Usiminas employees' pension fund, according to an accord announced Sunday. The price agreed to is more than 80% higher than the trading price of the shares when the markets closed the previous Friday, Jornal do Commercio said.

The minority shareholders will request Brazil's securities commission CVM consider the possibility of minority shareholders in Usiminas being entitled to tag-along right, Jornal do Commercio cited Amec president Edison Garcia as saying.

The share sale to Ternium needs to be analyzed from a legal perspective, the newspaper cited Apimec-SP president Reginaldo Alexandre as saying.

The two investors associations weren't immediately available for comment when contacted by Dow Jones Newswires.

-By Diana Kinch, Dow Jones Newswires, 55 21 7564 4495, diana.kinch@dowjones.com

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