CSN (CSNA3) works on offer to acquire mining company Samarco – Money Times

Companhia Siderúrgica Nacional is preparing an offer to acquire Samarco Miningwhich will be presented to the bankruptcy court judge overseeing the miner’s debt restructuring, said a person with knowledge of the matter.

THE CSN (CSNA3) hired restructuring firm RK Partners to draft a proposal to buy control of Samarco, the source said, requesting anonymity to disclose private discussions.

The newspaper O Globo reported on Sunday CSN’s interest in Samarco.

RK Partners is contacting the owners of Samarco, OK (VALE3) and BHP, as well as unions and financial creditors, the source said.

An agreement may not be easy, according to the source, due to Samarco’s liabilities related to the 2015 disaster in the city of Mariana (MG).

Shareholders who have pledged to pay damages may resist any proposal to relinquish control of operations while retaining that responsibility.

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