Reuters: Deals: ArcelorMittal completes sale of Erdemir stake

Reuters: Deals Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

ArcelorMittal completes sale of Erdemir stake Mar 28th 2012, 07:41 BRUSSELS | Wed Mar 28, 2012 3:41am EDT BRUSSELS (Reuters) - ArcelorMittal (ISPA.AS) said on Wednesday it had completed its sale of 134.3 million shares and the same number of warrants in Turkey's biggest steelmaker Erdemir (EREGL.IS) as it shifts away from non-core activities and focuses on cutting debt. The sale raised 478.2 million Turkish lira ($267.5 million), the company said in a statement. ArcelorMittal said the sale to institutional investors, managed by Goldman Sachs International, resulted in its share in Erdemir dropping to 18.7 percent from 25 percent. This would fall to 12.5 percent if all the warrants are exercised. ArcelorMittal, the world's largest steel producer, said it had agreed to a 365-day lock-up period on its remaining stake in Erdemir. A third of the warrants have an exercise price of 3.738 lira with a maturity of July 2, a further third an exercise price of 3.916 lira on Oct 1 and the final third an exercise price of 4.094 lira on Dec 14. Erdemir shares were down 9 percent at 3.64 lira at 0705 GMT. ($1 = 1.7878 Turkish liras)

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions