ArcelorMittal to buy 28.4% stake in Vallourec for about $1 bln
ArcelorMittal said it signed an agreement with funds managed by Apollo Global Management to buy 65.24 million shares in the France-based company for 14.64 euros apiece.
Steelmaker said on Tuesday it will acquire a 28.4% stake in for around 955 million euros ($1.04 billion) to increase its exposure in the sector for and .ArcelorMittal said it signed an agreement with funds managed by Apollo Global Management to buy 65.24 million shares in the France-based company for 14.64 euros apiece.
The Luxembourg-based holding company does not intend to launch a tender offer for Vallourec's remaining shares over the next six months, it added.
Vallourec specializes in the production of seamless and welded steel tube products for industrial applications.
Source: Stocks-Markets-Economic Times
