UPDATE 1-Brazil’s Usiminas to list ADRs, give stock options

* Listing of ADRs Level 2 subject to shareholder approval

* Plan expected to be concluded before end of the year
(Updates with details, share performance in paragraphs 2-5)

SAO PAULO, March 30 (Reuters) – Usiminas, Brazil’s biggest
maker of flat steel products, will seek shareholder approval to
implement a stock option plan for executives and list
depositary receipts in the United States to increase visibility
to investors abroad.

Both proposals will be put to a vote at a shareholders’
assembly on April 14, the company said in a statement on
Wednesday. Usiminas did not disclose terms of the stock options
plan.

Usiminas is the second Brazilian company this week to
unveil plans to list American depositary receipts. The move
comes as Usiminas, which has been the subject of takeover
speculation in recent weeks, seeks more visibility and a fresh
base of new investors to develop its mining assets and improve
efficiency at its steelmaking operations.

On Monday, Banco Bradesco (BBDC3.SA: Quote, Profile, Research), Brazil’s
second-biggest, non-government lender, requested permission
from the central bank to issue ADRs linked to its voting stock.
Bradesco expects the plan, which will not change the current
shareholding structure of the bank, to be approved within three
months. [ID:nN28270755]

The ADR program is expected to be completed before the end
of the year, the statement said. It did not say if the ADRs
would be pegged to Usiminas’ nonvoting shares (USIM5.SA: Quote, Profile, Research), the
company’s most widely traded class of stock, or the voting
shares (USIM3.SA: Quote, Profile, Research).

Usiminas’ nonvoting stock gained 0.7 percent to 19.39
reais. Voting shares shed 0.2 percent to 29.15 reais.
(Reporting by Guillermo Parra-Bernal and Alberto Alerigi Jr,
editing by Gerald E. McCormick and Maureen Bavdek)

UPDATE 1-Brazil’s Usiminas to list ADRs, give stock options