Market Chatter: ArcelorMittal Reaches Initial Deal for South African Unit Takeover

MT Newswires Live10-21

ArcelorMittal (MT) has reached an initial agreement with the Industrial Development Corp. of South Africa to sell its South African unit in a deal valued at about 10 billion rand ($610 million), Bloomberg reported Wednesday, citing people familiar with the matter.

The deal includes a cash component of about 3 billion rand, while the state-owned development financier would take on about 7 billion rand in debt accumulated by ArcelorMittal South Africa.

The transaction is subject to a shareholder vote, with the parties aiming to complete the deal by the end of the year, according to the news outlet.

ArcelorMittal and Industrial Development Corporation of South Africa did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 63.57, Change: +0.39, Percent Change: +0.62

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment