The world's largest steelmaker ArcelorMittal has announced the acquisition of an additional 35 percent stake in Argentina-based steel producer Acindar Industria Argentina de Aceros S.A. (Acindar) through a cash tender offer, thus raising its stake in Acindar to 99.5 percent.
On the closing date of the offer, February 14, ArcelorMittal will pay to Acindar shareholders the amount of $552 million for the tendered shares.
Commenting on the acquisition, President and CEO of ArcelorMittal Mr. Lakshmi Mittal said, "I am very pleased that we have received such a positive response from shareholders to our offer. Acindar, as part of the ArcelorMittal Group, will have additional opportunities to benefit from being part of the world's leading steel company. We are very committed to our business in Argentina and Latin America and will continue to look for opportunities to further enhance the profile and performance of our assets in this region."