Votorantim Set to Buy Colombia Steel Stake

Gerdau’s Gerdau GTL Spain and Ferrer Industrial have agreed to sell 10% percent of Colombian steelmaker Acerias Paz del Rio to Brazil’s Grupo Votorantim for COP126.645bn ($66.2m), according to regulatory filings. The transaction, where Votorantim will pay COP80.33 for 1.577bn shares, is still pending regulatory approval. The group has also offered to buy up to 5% from minority shareholders at the same price. Votorantim bought 53% of Paz del Rio last year for $490m.