.gif?width=220&height=220&mediaprotectionhash=27a2c7b682a980edd98804d5ef3ab0afa2e746bbcbde7192e62ce4a3fe797500&ext=.gif)
Kobe Steel to Transfer Comsigua Shares to CVG
05/25/2011 - Kobe Steel, Ltd. has reached agreement to transfer all of its shares in Complejo Siderúrgico de Guayana, CA (Comsigua) to Corporación Venezolana de Guayana (CVG).
Kobe Steel, Ltd. has reached agreement to transfer all of its shares in Complejo Siderúrgico de Guayana, CA (Comsigua) to Corporación Venezolana de Guayana (CVG).
Comsigua is a Venezuelan equity-valued affiliate company of Kobe Steel that produces and markets hot briquetted iron. In addition to Kobe Steel, which holds a 21.29% interest in the company, Comsigua’s other major shareholders include CVG Ferrominera Orinoco, CA (19.05%); Marubeni Corp. (16.89%); Mitsui & Co., Ltd. (16.89%); Sojitz Corp. (15.47%); Trading e Marketing Sociadade Unipessoal Lda. (7.58%); and Shinsho Corp. (2.84%).
Venezuela’s President Hugo Chavez announced on May 21, 2009, that Comsigua was to be nationalized. The announcement was followed by the Venezuelan government’s issuance of a presidential decree on July 14, 2009, for the nationalization of Comsigua.
Kobe Steel and Comsigua’s other Japanese shareholders have been conducting negotiations on transferring the shares to the Venezuelan government since the announcement that the company was to be nationalized. The Japanese shareholders of Comsigua, including Kobe Steel, and the Venezuelan government subsequently reached agreement on the conditions for transferring the shares. Kobe Steel and the Venezuelan government reached agreement on May 20, 2011, for Kobe Steel to transfer all of its Comsigua shares to CVG and signed a share transfer agreement.
