(Bloomberg) -- Brazil's real reached an almost
seven-year high on speculation Arcelor Mittal, the world's
largest steelmaker, purchased the currency to buy out minority
shareholders at its local unit.
Luxembourg-based Arcelor said on April 27 it plans to pay
2.92 billion euros ($3.9 billion) for the shares it doesn't own
in Arcelor Brasil SA by June 4. The real pared some gains after
the Brazil central bank announced plans to sell currency swap
contracts at auction today to stem the real's 11.8 percent gain
this year.
Read more at Bloomberg Currencies News
seven-year high on speculation Arcelor Mittal, the world's
largest steelmaker, purchased the currency to buy out minority
shareholders at its local unit.
Luxembourg-based Arcelor said on April 27 it plans to pay
2.92 billion euros ($3.9 billion) for the shares it doesn't own
in Arcelor Brasil SA by June 4. The real pared some gains after
the Brazil central bank announced plans to sell currency swap
contracts at auction today to stem the real's 11.8 percent gain
this year.
Read more at Bloomberg Currencies News
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