Gerdau plans to merge its subsidiaries Sidertúl and Aceros Corsa, subject to approval from the Federal Economic Competition Commission (Cofece) of Mexico. The deal is expected to close by Q4 2021.
The company aims to restructure its Mexico operations to simplify ownership. The entities are currently controlled by Grupo Córdova comprising Corcre, SAPI de CV, and Juan Angel Córdova Creel.
Sidertúl and Aceros Corsa will merge into Gerdau Corsa, and Grupo Córdova will acquire 16.84pc of Sidertúl’s capital stock for $32.5 million to match its participation in Gerdau Corsa’s capital stock. Gerdau SA will indirectly increase its stake in Gerdau Corsa from 70pc to 75pc.