China: Arcelor to buy 38.41 stake in Laiwu Steel

摘要

STEEL producer Arcelor has agreed to buy a 38.41% stake in China's Laiwu Steel Corporation, a listed subsidiary of Laiwu Steel Group. Under the agreement, Arcelor will acquire 354.24 million shares at a price of Yuan 5.888 (US$0.732) per share, amounting to Yuan 2.085bn (US$259m). The all cash consideration is subject to adjustment based on the net asset value at a date close to the closing of the transaction, the company said in a statement. The completion of the deal is subject to regulatory and governmental approvals.