Arcelor raises stake in Morocco's Sonasid

Arcelor said on Thursday that it had raised its stake in Morocco's Sonasid in an effort to strengthen its position in markets with high growth potential. Arcelor stated that it had, together with a group of investors, transferred its stake in Sonasid to an ad hoc holding company at a price of MAD 1,350 ($157) per Sonasid share. An Arcelor spokesman said Sonasid's total equity represented 3.9 million shares, but did not say how much Arcelor held before it raised its stake in the company or how much it now holds directly.