ArcelorMittal S.A.: ArcelorMittal completes acquisition of strategic stake in Vallourec
06 Août 2024 - 7:28AM
06 August 2024, 07:30 CET
ArcelorMittal today announces that following the
signature of a Share Purchase Agreement on 12 March 2024, and after
the approval of relevant antitrust authorities and clearances under
foreign investment regulations, it has completed the acquisition of
65,243,206 shares, representing c.28.41% equity interest in
Vallourec, for €14.64 per share from funds managed by Apollo Global
Management Inc., for a total consideration of approximately €955
million, subject to successful completion of the settlement.
Following completion of this transaction, the
appointment of Mr. Genuino Magalhaes Christino (Chief Financial
Officer, ArcelorMittal) as director of Vallourec will become
effective, Keith Howell (Chief Operating Officer, ArcelorMittal
USA) will be appointed as director of Vallourec, and Aditya Mittal
as observer of Vallourec, subject to successful completion of the
settlement.
ArcelorMittal does not intend to launch a tender
offer for Vallourec’s remaining shares over the next six months and
will inform the market should this intention change.
Commenting, Aditya Mittal, CEO,
ArcelorMittal, said:
“Vallourec is well established as a producer of
high-quality tubular products, holding a prime position in an
attractive market segment that has potential for growth from new,
clean energy markets. The strategic stake is a welcome addition to
our investment portfolio, and we look forward to supporting
Vallourec’s management team in their efforts to drive further
performance improvement.
“It also supports our ongoing efforts to grow
our business. The acquisitions we have made in recent years in
Brazil and the US are performing well and progress with our suite
of organic growth projects continues apace, with several due to
complete this year. These initiatives will significantly strengthen
our business, expanding our product capabilities and emerging
markets exposure while enhancing our earnings capacity.”
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and
mining companies with a presence in 60 countries and primary
steelmaking operations in 15 countries. It is the largest steel
producer in Europe, among the largest in the Americas, and has a
growing presence in Asia, including India, through its joint
venture AM/NS India.
ArcelorMittal sells its products to a diverse range of customers
including the automotive, engineering, construction and machinery
industries, and in 2023 generated revenues of $68.3 billion,
produced 58.1 million metric tonnes of crude steel and 42.0 million
tonnes of iron ore.
Our purpose is to produce smarter steels for people and planet.
Steels made using innovative processes which use less energy, emit
significantly less carbon and reduce costs. Steels that are
cleaner, stronger and reusable. Steels for the renewable energy
infrastructure that will support societies as they transform
through this century. With steel at our core, our inventive people
and an entrepreneurial culture at heart, we will support the world
in making that change.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish
stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit:
http://corporate.arcelormittal.com.
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Contact
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General |
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+44 20 3214
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Bonds/CreditE-mail |
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Contact
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1 Stake prior to preferred shares conversion into ordinary
shares that will vest as a result of the completion of the Apollo
block acquisition
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