ArcelorMittal to sell 50 percent interest in Kalagadi Manganese

Luxembourg-based steel giant ArcelorMittal has announced that it is selling its 50 percent stake in South African manganese explorer Kalagadi Manganese to the chairwoman of South African mining company Kalahari Resources or to her nominee.
 
According to the agreement between ArcelorMittal and the Kalahari Resources chairwoman Mrs. Daphne Mashile-Nkosi, ArcelorMittal will receive a cash consideration of ZAR 3.9 billion ($436.7 million). Upon the completion of the transaction, Kalahari Resources will hold a 40 percent interest in Kalagadi Manganese, Mrs. Mashile-Nkosi or her nominee will hold 50 percent, with the remaining 10 percent interest held by the Industrial Development Corporation of South Africa Limited.
 
Completion of the proposed transaction will also be subject to the waiver of preemptive rights of the other shareholders, customary corporate approvals and various regulatory approvals.