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March 18, 2008 |
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GERDAU: Court Denies Momentum's Injunction to Halt Macsteel Buy A court in Texas has denied Momentum Partners' request for a temporary injunction to stop Gerdau SA from acquiring Quanex Corp.'s Macsteel. Business News Americas relates that because of Momentum Partners' denied request, Gerdau is now one step closer to acquiring Macsteel, a long specialty steel producer in North America. Quanex will spin off its non-steel operations as independent firm Quanex Building Products before the acquisition of Macsteel. Gerdau will then acquire all of the outstanding shares of Quanex for US$39.20 per share, BNamericas states. About Quanex Corp. Quanex Corp., formerly Michigan Seamless Tube Company, is engaged in the production of engineered carbon and alloy steel bars, heat treated bars, aluminum flat-rolled products, flexible insulating glass spacer systems, extruded profiles, and precision-formed metal and wood products. The two markets served by the Company include vehicular products and building products. The segments served by the Company include Vehicular Products, Engineered Building Products and Aluminum Sheet Building Products. Quanex has 27 manufacturing facilities in 12 states in the United States. About Gerdau Headquartered in Porto Alegre, Brazil, Gerdau SA -- http://www.gerdau.com.br/ -- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s Ba1 corporate family rating and stable outlook. |
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