ArcelorMittal, the world's largest steel company, announced February 1 the results of its cash tender offer to acquire the 35.5 percent of outstanding shares in Acindar Industria Argentina de Aceros S.A. (Acindar) it does not currently own.
ArcelorMittal announced that Acindar's cash tender offer has achieved 98.6 percent participation for 35.5 percent of the outstanding shares of Acindar. As of the expiration date, the offering has been accepted for an aggregate amount of 336 Class A shares and 303.327.703 Class B shares of Acindar, all issued and outstanding, representing 35.0 percent of the capital stock of such company. On the February 14, the closing date, ArcelorMittal will pay to the shareholders the amount of $552 million for the tendered shares.
As a consequence, adding the abovementioned percentage to the 64.5 percent interest in Acindar held by ArcelorMittal through ArcelorMittal Brasil S.A. as of
Commenting, Lakshmi N. Mittal, president and CEO, ArcelorMittal said: "I am very pleased that we have received such a positive response from shareholders to our offer. Acindar, as part of the ArcelorMittal Group, will have additional opportunities to benefit from being part of the worlds' leading steel company. We are very committed to our business in
Since no resolutory condition to which the effectiveness of the offering was subject has occurred as of February 1, the offering was declared to be effective and ArcelorMittal will proceed to acquire all the shares tendered by the shareholders accepting the offering and pay the offered price in the manner and conditions provided for in the prospectus.
