The world's number one steelmaker ArcelorMittal has announced that now it owns 24.989 percent of the Turkish steel producer Erdemir, following its purchase of 11.31 percent of shares on June 13.
The price of the acquisition was YTL 8.4 (US$6.69) per share with the total value reaching US$869.25 million. The shares were acquired in transaction with Société Générale, Nextgen Capital Limited and Credit Suisse International.
Commenting on the acquisition senior executive vice president of ArcelorMittal and member of the company's group management board, Sudhir Maheshwari, said, "We are pleased to be making this strategic investment in Erdemir, which we see as a very attractive company in a rapidly growing economy with excellent prospects for further growth."