Moody's: Votorantim Participacoes unchanged

Moody's Investors Service said that Votorantim Participacoes SA's Baa3 rating is unaffected by news of the launch by its subsidiary Votorantim Metais of a public bid for the acquisition of some 163 million voting shares representing 16.4% of the outstanding shares of the Peruvian mining company Compania Minera Milpo SAA for $420 million.

If the deal materializes, Votorantim will become the majority shareholder of Minera Milpo with 50% plus one voting shares, Moody's said.

The agency said the deal is accretive and will not increase Votorantim's leverage or deteriorate its solid liquidity position.

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