SAO PAULO, Oct 3 (Reuters) - Shares of Brazilian steelmaker Usiminas soared in early trading on Friday a day after rival Ternium SA agreed to pay 616.7 million reais ($246.7 million) for an additional 10 percent of voting shares.
Ternium, which is controlled by Italian-Argentine industrial conglomerate Techint Group, joined Japan’s Nippon Steel & Sumitomo Metal Corp as part of Usiminas’ controlling bloc in November 2011.
At 10:20 a.m. local time [1320 GMT], shares of Usiminas, formally known as Usinas Siderurgicas de Minas Gerais SA, were trading at auction after having risen 5.28 percent to 6.78 reais. The stock rose as high as 6.93 reais earlier in the session. ($1 = 2.50 Brazilian reais) (Reporting by Asher Levine and Stephen Eisenhammer; Editing by Jeffrey Benkoe)