Gerdau, page-138

I will engage in some conjecture.

There is always the possibility that Gerdau had many runners in the race.

Or another analogy, burleying the water and see what comes up.

Certainly Gerdau seems serious about doing something.

Not sure however why Point one in spid81's post is a given.

Also not sure why Point 2 is even on the table and why FGR even entertained it..

Unlikely FGR proposed it and immediately the question is why did Gerdau?

Surely FGR's response would have been that Gerdau had 542 million shares to choose from.

So to me...point 2 was really Point 1 and point one was conditional on point 2 from Gerdau's perspective. Don't let the listing order fool anyone into thinking it is the order of priority.
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I should ad that FGR should be using Gerdau's interest by waving it under the nose of other big entities.