Chile: Local entrepreneurs snatch Gerdau Chile for US$154 million

Brazilian industrial group Gerdau have announced a deal with a group of Chilean entrepreneurs, who will buy the steelmaker’s entire Chilean operation. The buyers are a group including Matco Cables, with 45% (made up of the Matetic Riestra and Conrads Ruiz-Tagle families) and Ingeniería e Inversiones with another 45% (headed by José Luis del Río Goudie).

The agreement is subject to the approval of Chile’s National Economic Prosecutor (FNE). The firm’s local production has a capacity to produce 520 thousand tons annually. Its main competitors in the market are the CAP group, in addition to steel imports from China, Mexico and Turkey, among others.

Banco de Chile was financial advisor to the operation, while the firm Barros and Errázuriz was provided legal council for the operation.

Full Content: Diario Wearable

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