Arcelor Mittal Launches Bid For Control Of Brazilian Unit

Oct. 25, 2006
To gain controlling interest it will cost $3.3 billion.

Arcelor Mittal, the biggest steel group in the world, said Oct. 25 it would offer to buy out minority shareholders in its Brazilian subsidiary following a request from the Brazilian regulator.The operation could cost Arcelor Brazil a maximum 2.6 billion euros (US$3.3 billion) in cash, the group said. Arcelor Mittal said it currently owned 66 % of Arcelor Brazil.

Under the terms of the offer, Arcelor Brazil shareholders would have a choice between a 100% cash option and a mixed cash and share option.

Explaining the offer for Arcelor Brazil, Arcelor Mittal said that Brazilian regulator CVM had determined that "following the completion of the Mittal Steel offer for Arcelor, Arcelor Mittal was required to carry out a public offer to acquire Arcelor Brazil shares."

Arcelor and Mittal completed their merger in July of this year.

Copyright Agence France-Presse, 2006

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