Arcelor to launch a public tender offer for CST

Arcelor to launch a public tender offer for CST

Industry sources report that Luxembourg-based Arcelor is planning to launch a public tender offer for the shares of Brazilian steel producer Companhia Siderurgica de Tubarao (CST). As reported by SteelOrbis on December 20, 2004, Arcelor signed a deal with the Brazilian mining giant Companhia Vale do Rio Doce (CVRD) to acquire an indirect stake of the company in CST for $160 million. At the beginning of December, Arcelor also acquired 5.48% stake in CST that was held by Funssest for $42.6 million. Now Arcelor plans to launch a public offer to acquire all shares of CST.