Gerdau nets strong response in share swap

Gerdau nets strong response in share swap

Brazil Equity

Brazil’s Gerdau has netted a strong response in a common-for-preferred share swap, easily clearing the 66% threshold needed to push forward with a reorganization plan. The steel company said in a securities filing that investors had agreed to swap roughly 70.72m common shares into preferred shares, equivalent to 80.3% of the targeted amount. Outstanding shareholders have another 90 days to exchange their shares, the filing showed. In July, Gerdau said it had received approval to issue up

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