ArcelorMittal quits share acquisition agreement with Thai-based G Steel

Thailand-listed flat steelmaker G Steel Public Company Limited (G Steel) has announced that it has received a notification from the Luxembourg-based steel giant ArcelorMittal terminating the share subscription agreement between the companies. ArcelorMittal had signed an agreement to acquire a 40 percent stake in G Steel in March 2011.
 
AecelorMittal said that it is terminating the agreement since G Steel has not fulfilled the conditions required to complete the transaction.
 
As previously reported by SteelOrbis, according to the agreement G Steel was going to provide a major manufacturing presence in the ASEAN region for ArcelorMittal.
 
After ArcelorMittal pulled out of the agreement, G Steel shares fell almost 15 percent to an eight-week low.