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BHP GROUP LIMITED

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Delayed Australian Stock Exchange  -  02:11 2022-08-12 am EDT
38.83 AUD   -0.82%
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Brazil steelmaker CSN drafting bid for miner Samarco, source says

06/20/2022 | 11:30am EDT

SAO PAULO, June 20 (Reuters) - Brazilian steelmaker Companhia Siderurgica Nacional (CSN) is drafting an offer to acquire miner Samarco Mineracao SA, which will be presented to the bankruptcy court judge overseeing its debt restructuring, a person with knowledge of the matter said.

CSN hired restructuring firm RK Partners to draft a proposal to buy control of Samarco, the source said, requesting anonymity to disclose private discussions. Brazilian newspaper O Globo reported on Sunday CSN's interest in Samarco.

RK Partners is reaching out to Samarco shareholders Vale SA and BHP Group Ltd, along with unions and financial creditors, the source said.

An agreement may not be easy, according to the source, due to Samarco's liabilities related to its 2015 disaster in the city of Mariana. Shareholders, which have committed to pay for damages, may resist any proposal to give up control of operations while keeping that liability.

Samarco and Vale did not immediately respond to requests for comment. BHP and press representatives for the group of financial creditors declined to comment.

The judge overseeing Samarco's bankruptcy has scheduled a mediation hearing for Tuesday between two groups presenting competing restructuring proposals, one led by creditors and the other by the unions with the support of Vale and BHP. (Reporting by Tatiana Bautzer Editing by Brad Haynes and Marguerita Choy)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LIMITED -0.82% 38.83 Delayed Quote.-5.66%
COMPANHIA SIDERÚRGICA NACIONAL S.A. 1.30% 16.39 Delayed Quote.-35.21%
EURO / BRAZILIAN REAL (EUR/BRL) -2.09% 5.2125 Delayed Quote.-17.28%
VALE S.A. -0.27% 68.73 Delayed Quote.-7.02%
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Financials (USD)
Sales 2022 65 529 M - -
Net income 2022 24 354 M - -
Net Debt 2022 4 578 M - -
P/E ratio 2022 5,73x
Yield 2022 12,1%
Capitalization 140 B 140 B -
EV / Sales 2022 2,20x
EV / Sales 2023 2,55x
Nbr of Employees 40 110
Free-Float 68,3%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 27,63 $
Average target price 29,19 $
Spread / Average Target 5,63%
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Managers and Directors
Mike Henry CEO, Non-Independent Executive Director
David Mark Lamont Chief Financial Officer
John Kenneth Norman MacKenzie Chairman
Laura Tyler Chief Technical Officer
Malcolm William Broomhead Independent Non-Executive Director
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