ArcelorMittal bids for remaining shares in Argentinian unit
Wednesday, 3 October 2007
PARIS, Oct 2 (AFP): ArcelorMittal, the world's biggest steel group, said today it was offering around 542 million dollars (382 million euros) for the 34.7 per cent of its Argentine unit Acindar that it does not already own.
The transaction, which offers 5.75 pesos (1.83 dollars, 1.29 euros) per share, is part of the group's plans to grow its Latin American operations.
"Latin America is a very important steel market with great potential for further growth and one which we have identified as a key region for expansion," chief executive officer Lakshmi Mittal said in a statement.
The offer represents a 19.5 per cent premium to Acindar's share price at Monday's close of stock market trading.
It is being conducted in connection with a transfer by ArcelorMittal of the 65.3 per cent of Acindar it currently holds through Arcelor Brasil into its parent structure.
ArcelorMittal, formed from the merger last year of European giant Arcelor and Mittal Steel, is quoted on the New York, Paris, Amsterdam, Brussels, Luxembourg and Madrid stock exchanges.
The transaction, which offers 5.75 pesos (1.83 dollars, 1.29 euros) per share, is part of the group's plans to grow its Latin American operations.
"Latin America is a very important steel market with great potential for further growth and one which we have identified as a key region for expansion," chief executive officer Lakshmi Mittal said in a statement.
The offer represents a 19.5 per cent premium to Acindar's share price at Monday's close of stock market trading.
It is being conducted in connection with a transfer by ArcelorMittal of the 65.3 per cent of Acindar it currently holds through Arcelor Brasil into its parent structure.
ArcelorMittal, formed from the merger last year of European giant Arcelor and Mittal Steel, is quoted on the New York, Paris, Amsterdam, Brussels, Luxembourg and Madrid stock exchanges.