22 de agosto de 2017 / 20:29 / en 3 meses

Brazil's Gerdau common share swap tops minimum threshold

SAO PAULO, Aug 22 (Reuters) - Gerdau SA said on Tuesday that investors agreed to tender more than the minimum 66 percent threshold set for a common-for-preferred stock swap, allowing the steelmaker to continue with a broad reorganization plan.

In a securities filing, Gerdau said investors agreed to transform 70.715 million of their common shares into the same number of preferred ones, equal to 80.3 percent of the amount targeted. Gerdau will give holdouts another 90 days through Nov. 23 to exchange their stock. (Reporting by Guillermo Parra-Bernal; Editing by Steve Orlofsky)

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