UPDATE 2-Votorantim's Milpo nabs large stake in Atacocha

(Adds analyst's comment, other details)

LIMA, Nov 10 (Reuters) - Peruvian zinc miner Milpo (MIL.LM), a unit of Brazil's Votorantim, said on Monday it has become the indirect owner of 69.75 percent of mining company Atacocha's (ATA.LM)(ATB.LM) class A shares.

In a letter to Peru's securities regulator, Milpo also said it had arranged a five-year, $130 million loan for the deal.

Votorantim, which holds 29.33 percent of Milpo's shares and is the company's largest shareholder, announced last month that it would buy 84.54 percent of Atacocha's class A shares in a bid to consolidate its position as the world's No. 3 zinc producer.

On Monday, Milpo said it would help complete the deal.

"With this deal, Votorantim is trying to control shares with voting rights, in both Atacocha and Milpo, so that it can probably merge both companies in the future," said Jose Menor, an analyst at the Juan Magot y Asociados brokerage in Lima.

Shares of Milpo traded at 6.2 soles, up 13 percent on Lima's stock exchange. Atacocha's shares rose as much as 15 percent to 2.9 soles.

Peru is the world's No. 2 producer of copper and zinc. Milpo and Atacocha have mines near each other in Peru's Andes. ($1 = 3.089 soles) (Reporting by Jean Luis Arce, Teresa Cespedes and Terry Wade; Editing by Leslie Gevirtz, Steve Orlofsky and Matthew Lewis)