USNZY Usinas Siderurgicas De Minas Gerais SA (PK)

Brazilian industrial group Votorantim has approved the sales of its shares in local steelmaker Usinas Siderurgicas de Minas Gerais SA (USIM5.BR, USZNY), or Usiminas, to Argentine-Italian group Techint, Usiminas said Tuesday.

Techint companies including Ternium, Tenaris SA (TS) and TenarisConfab unveiled plans last month to buy a 28% stake in Usiminas for about $2.7 billion, with most of the shares coming from Vorotantim and Camargo Correa, another Brazilian industrial group. The latter two stakeholders have said they want to focus on other businesses.

Usiminas's largest single shareholder, Japan's Nippon Steel Corp. (5401.TO, NISTY), said last week that it, too, had "obtained all requisite corporate approvals" for the transaction.

As part of the transaction, Nippon Steel plans to increase its stake in Usiminas through the purchase of an additional 8.5 million ordinary shares from the steelmaker's employees' union, Caixa dos Empregados Usiminas.

Usiminas expects a final agreement for the transaction to be wrapped up in January.

-By Paul Kiernan, Dow Jones Newswires; (+55)11-3544-7074, paul.kiernan@dowjones.com

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