SAO PAULO -(Dow Jones)- Brazilian steelmaker Companhia Siderurgica Nacional SA (SID), or CSN, said it has further raised its stake in rival Usinas Siderurgicas de Minas Gerais SA (USNZY). In a statement over the weekend CSN said it now owns 20.14% of the preferred stock of Usiminas and 11.66% of its ordinary shares. CSN said it doesn't have any additional rights to buy shares, nor any options to buy shares or debentures and that it "continues to evaluate strategic alternatives" with regards to its stake in Usiminas. Last week, news media reports indicated that Latin-American steelmaker Ternium (TX) made an offer to buy the 26% of Usiminas' ordinary shares that is currently in the hands of two Brazilian industrial groups, Camargo Correa and Votorantim. Local newspaper O Estado de S. Paulo reported that Ternium had offered 40 Brazilian reais ($22.60) per ordinary share of Usiminas, a price that implies a roughly 70% premium over current levels and a total value of more than $5 billion. Ternium confirmed that it is in talks to buy a minority stake in Usiminas but stressed that it hasn't made a final decision on the potential transaction. -By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071; rogerio.jelmayer@dowjones.com
