ArcelorMittal continues with share buy-back program

Tuesday, 28 December 2010 10:57:13 (GMT+3)   |  
       

The world's largest steelmaker ArcelorMittal has announced that on December 18 it acquired US dollar-denominated call options on 26,533,997 of its own shares with a strike price of $30.15 per share in the context of its share buy-back program.

The 26,533,997 call options acquired allow ArcelorMittal to hedge its obligations arising out of the potential conversion of the five percent US dollar-denominated bonds convertible into or exchangeable for new or existing ArcelorMittal shares due May 15, 2014.

ArcelorMittal also entered into an agreement on December 18 to sell 11.5 million treasury shares through an over-the-counter block trade for a price of $37.8682 per share, for settlement on December 30.

As SteelOrbis previously reported, ArcelorMittal announced on November 26 the reopening of its share buy-back program for up to six percent of its share capital, within the scope of the authorization given by the annual general meeting of shareholders held on May 11, 2010.

ArcelorMittal announced earlier in the current month that on December 14 it acquired euro-denominated call options on 61,728,395 of its own shares with a strike price of €20.25 per share. On the same date, the company also sold 26.48 million treasury shares through an over-the-counter block trade for a price of €26.4227 per share.


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