By Brazil Stock Guide – BlackRock Inc. (BLK) increased its stake in Gerdau SA (GGBR4 BZ), reaching roughly 10% of the company’s preferred shares, according to a regulatory filing released on Wednesday (15).
The asset manager now holds 127,738,636 preferred shares, representing approximately 10.016% of the total outstanding in that class. The position includes 114,665,887 preferred shares and 13,072,749 American Depositary Receipts (ADRs), each corresponding to one preferred share.
In addition, BlackRock disclosed 5,703,436 derivative instruments tied to preferred shares, equivalent to about 0.447% of the total.
The firm said the investment is strictly financial and does not aim to influence corporate control or governance. “The purpose of the above-mentioned equity holdings is strictly investment, not aiming at changing the company’s control or administrative structure,” BlackRock stated.
It also noted that no agreements were executed regarding voting rights or the trading of securities. “No contracts or agreements have been entered into by BlackRock regulating the exercise of voting rights or the purchase and sale of securities,” the company added.
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