ArcelorMittal raises stake in Acindar to 99.5 percent after buyout offer

Source: Manufacturing Digital

Date :2/4/2008 12:04:53 PM

ArcelorMittal, the world's largest steel company raises stake in Argentine steelmaker Acindar to 99.5 percent after acquiring 35.5 percent of the outstanding shares after a £277.3 million buyout offer.

The steel maker already holds 64.5 percent stake in Acindar Industria Argentina de Aceros S.A. which is controlled by ArcelorMittal Brazil, a subsidiary of Luxembourg-based ArcelorMittal.

Outstanding shares

Commenting, Lakshmi N. Mittal, President and CEO, ArcelorMittal said that as part of the deal, Acindar “will have additional opportunities to benefit from being part of the world's leading steel company.”

He added that the company is very committed to its business in Argentina and Latin America and will continue to look for opportunities in this region.

ArcelorMittal first announced the plan to buy the remaining shares in Acindar - Argentina's No. 2 steelmaker - last October in an operation valued at nearly $550 million.

February 04, 2008