Arcelor Mittal says bought 96.6 pc of Brazil arm

Brussels, June 5: Arcelor Mittal, the world's largest steelmaker, said on Tuesday that 191.3 million shares in its Arcelor Brasil arm had been tendered by holders, bringing its stake to 96.6 percent.

Arcelor Mittal said it would delist the unit. The steel group previously said it would delist Arcelor Brasil if it acquired two-thirds or more of its free float.

It said it would pay $3.699 billion plus 27 million shares for the tendered shares, representing a total price of $5.412 billion to raise its stake from the previous 67.1 percent.

The sell-out right for shareholders who decided not to tender their shares will start on June 5 and end on September 4, in accordance with Brazilian financial markets regulations.

Arcelor Mittal said it intended to redeem all the remaining shares through a tender squeeze-out process since the free float now represent less than 5 percent of the share capital of Arcelor Brasil.

Reuters

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