Brazil's antitrust watchdog gives CSN more time to sell stake in Usiminas

Brazil's anti monopoly watchdog Cade headquarters building is pictured in Brasilia, Brazil, August 7, 2017. REUTERS/Adriano Machado

SAO PAULO, Sept 21 (Reuters) - Brazilian antitrust watchdog CADE decided on Wednesday to give steelmaker Companhia Siderurgica Nacional(CSNA3.SA) )(CSN) additional time to sell the stake it owns in rival Usiminas (USIM5.SA).

CADE councillors voted to allow CSN indefinite additional time to sell the stake. Four councillors voted to give additional time to CSN and other three had voted to revise the CADE 2014 decision that had mandated the stake sale.

The decision on Wednesday keeps CSN's other obligations under the 2014 decision - not to acquire additional shares in Usiminas and not to vote using its stake.

The CADE councillors rejected a proposal drafted by the watchdog superintendent Alexandre Barreto last week, under which CSN would be allowed to keep the stake in the rival as long as it does not vote in shareholders assemblies.

Reporting by Alberto Alerigi and Tatiana Bautzer Editing by Chris Reese

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