Arcelor-Mittal raises offer for minority shares
Global steel giant will raise its offer for minority shares in Arcelor Brazil to 51.27 reals per share on Brazilian market regulator CVM's demand.business Updated: Apr 06, 2007 18:13 IST
Global steel giant Arcelor-Mittal announced on Friday that it has raised its offer for minority shares in Arcelor Brazil to 51.27 reals per share from 32.79 reals after the Brazilian market regulator CVM demanded an increase.
In September, the CVM ordered Arcelor Mittal to make an offer for minority holdings in its Brazilian unit, but an initial offer in October drew complaints from shareholders and prompted the CVM to demand a higher price.
The new offer, involving a mixture of cash and shares, would result in a maximum cash payout of 10.9 billion reals, or 5.4 billion dollars, and a maximum of 76 million new shares being issued.
This amount of shares would equal five per cent of Arcelor.