World-leading steel producer ArcelorMittal will offer $542 million in cash to acquire the remaining 34.7% of Argentinian steelmaker Acindar it does not own, the company announced Tuesday. The company is offering AR$5.75 (US$1.83) per share, a 19.5% premium over Acindar's Monday close and 38.3% above the shares' average close over the past six months. The bid, which will be launched within the next four months pending regulatory approval, is being made by subsidiary ArcelorMittal Spain. "The offer is designed to help ArcelorMittal strengthen its position in Argentina and reinforce its commitment to enhancing its business in the country," the company said in a statement. "Latin America is a very important steel market with great potential for further growth and one which we have identified as a key region for expansion," said CEO Lakshmi Mittal.
Sources: Press release, MarketWatch, Reuters, Forbes
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