ArcelorMittal targets India's Essar deal closing by year-end

摘要

London—ArcelorMittal expects to finalize its acquisition of India-based Essar Steel India Ltd. by the end of the year after its plan for the bankrupt company was approved by India’s Supreme Court, the final clearance for the deal. ArcelorMittal said it will jointly own and operate Essar Steel in partnership with Nippon Steel Corp., Japan’s largest steel producer and the third largest in the world, in line with the joint venture formation agreement signed by the two companies. While ArcelorMittal will have 60% of the share capital of the company and Nippon Steel 40%, both will have equal representation and voting rights on the board of directors.