Brazil’s antitrust regulator CADE dealt a blow to steel stocks after ordering steel giant CSN to reduce its stake in competitor Usiminas, according to reports.
Shares slumped both for second-place Usiminas and third-place CSN, but CADE ruled Thursday that the divestiture is necessary to preserve competition in the industry.
CSN is Usiminas’s largest shareholder, aside from the company’s own controlling stock, with a 17.4 percent ownership in the company. In a statement, CADE said “it is fundamental” that the ownership be reduced. The companies control the “extremely concentrated” industry of slat steel, the authority noted.
Regulators did not confirm a deadline for when CSN would be required to divest shares.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile Faces Class-Action Lawsuit Over Sprint Merger After Appeal Denied
May 16, 2024 by
CPI
Google Faces Backlash Over Introduction of AI-Generated Summaries in Searches
May 16, 2024 by
CPI
CMA Launches Phase 2 Probe into AlphaTheta’s Acquisition of Serato
May 16, 2024 by
CPI
NFL Executive Escapes Testifying in High-Stakes Trial Over Televised Games
May 16, 2024 by
CPI
EU Consumers Lodge Complaint Against Chinese Retailer Temu Over Content Rules Breach
May 16, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI