ArcelorMittal, the world's largest steel producer, has announced the results of the Arcelor Brasil tender, which was held on June 5 on the Sao Paulo Stock Exchange.
The auction has been held to enable the acquisition by ArcelorMittal of all remaining outstanding shares in Arcelor Brasil which are not yet owned by Arcelor or by any companies affiliated with ArcelorMittal.
As a result of the tender, ArcelorMittal has acquired an additional 29.5 percent stake in Arcelor Brasil for $5.412 million ($3.699 million in cash and the rest in 27 million of ArcelorMittal shares), thus increasing its total stake in the company to 96.6 percent.
In addition, as required by the Brazilian regulations, the remaining shareholders in Arcelor Brasil may sell their shares to ArcelorMittal for R$53.89 per share in the period from June 5 through September 4, 2007.