Arcelor will sell its tubes division to Spanish Condesa
World's largest steelmaker Arcelor, created by the merger of Aceralia, Usinor and Arbed in February 2002, announced that they have received an offer from Coducciones y Derivados, SA (Condesa) for acquiring the entirety of Arcelor's activities in carbon steel tubes business to be defined as a non-core activity. As previously reported by SteelOrbis back in October 2002, Arcelor gave the priority to Condesa for the sale of the division.
In case two companies sign sales and purchase agreement and transaction gets approval from necessary authorities as well as the anti-trust authorities, as Condesa will get 20% share of European tube market, company will take over 100% of Arcelor Tubes, SA; EXMA, SA; and Aceralia Tubos, SL. Added to that the Spanish
pipe&tube producer will buy 90% of Alessio Tubi, SpA, 10% of Industube, and 48.84% of Condesa which is held by Arcelor via its Usinor merger.
According to reports from the industry, take over is expected to be concluded within two months.