Sideboyaca Takes Control of Simesa

Thursday, January 11, 2001

Colombian steelmaker Sideboyaca, part of the Mayaguez group, formally took control yesterday of 89.9% of steel producer Simesa, local papers reported.

Sideboyaca paid US$11.4mn for the stake in the Antioquia-based steel company via a public tender on the Medellin stock exchange at the end of last year.

It acquired 69.1% from financial group Colcorp, a Bancolombia subsidiary, and the rest from small shareholders.

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Simesa exported some 12,000t of steel last year.