Global steel giant
ArcelorMittal has announced that it has sold 233,169,183 shares in
Turkey's largest integrated steelmaker Ereğli Demir ve Çelik Fabrikaları T.A.Ş. (
Erdemir) by way of a single accelerated bookbuilt offering to institutional investors. The sale has generated proceeds of approximately $267 million.
Prior to the sale,
ArcelorMittal owned 655,969,154 shares in
Erdemir, representing approximately 18.74 percent of
Erdemir's share capital. Following completion of the sale,
ArcelorMittal will hold approximately 12.08 percent of
Erdemir's share capital.
ArcelorMittal has agreed to a 180-day lock-up period on its remaining stake in
Erdemir. The sale was managed by Citigroup Global Markets Limited acting as sole bookrunner.
In March 2012,
ArcelorMittal reduced its stake in the Turkish steelmaker from 25 percent to 18.7 percent.