ArcelorMittal to acquire outstanding shares in ArcelorMittal Ostrava

Luxembourg-based steel giant ArcelorMittal has announced that the shareholders of the company's Czech Republic-based subsidiary ArcelorMittal Ostrava a.s. have approved the acquisition by ArcelorMittal of the 3.57 percent of the company's shares which it does not already own.
 
According to the statement made by ArcelorMittal, the total consideration for the minority share will be CZK 1,769,648,000 (approx. $82 million) and will be paid to the relevant shareholders later this year.
 
In January 2010, ArcelorMittal increased its stake in ArcelorMittal Ostrava a.s. to 96.43 percent thereby enabling it to exercise its right to acquire all outstanding shares in ArcelorMittal Ostrava a.s., under the terms of the Czech Commercial Code.