Arcelor confirms acquisition of Erdemir fails

Luxembourg-based steelmaker Arcelor confirmed that it has withdrawn from buying a stake in Turkey's state steel company, Erdemir, after Turkish competent authorities postponed a decision to clear the deal. Arcelor said in a statemant that “Without all regulatory consents for a joint acquisition obtained in due time, the Turkish Armed Forces Pension Fund (Oyak) will close alone the acquisition of a 42.29 percent equity stake of Erdemir.” Oyak Holding said its Ataer Holding still planned to buy a share of Erdemir and it would continue negotiations with Arcelor after the purchase is finalized. “Oyak and Arcelor are investigating possibilities of continuing negotiations and cooperating in other fields completely within the legal framework following the purchase of Erdemir stakes,” Oyak said. “But there is no agreement on these issues.”