De-Listing Offer for ArcelorMittal Inox Brasil.LUXEMBOURG -- Regulatory News: ArcelorMittal ("ArcelorMittal" or "The Company"), the world's largest steel company, today announced that it has received a letter from BNDES BNDES Banco Nacional de Desenvolvimento Econômico e Social (Brazilian Development Bank) BNDES Banco Nacional de Desenvolvimento Econômico e Social (Brasil) Participacoes S.A. - BNDESPAR BNDESPAR Bndes Participações (Brazil) ("BNDESPAR") disclosing its intention to sell its shares in the de-listing cash offer for all the outstanding shares of the ArcelorMittal Inox Brasil S.A. (ex Acesita) ("ArcelorMittal Inox Brasil") announced on December 4th by ArcelorMittal (the "Offer"). The Company currently owns a 57% stake in ArcelorMittal Inox Brasil. BNDESPAR's intention to sell in the Offer is subject to: (i) a price representing the higher of (a) R$ 100.00 per preferred share, increased at a rate equal to the TR (a basic interest rate published by the Brazilian Central Bank) plus 6% per year, starting February 28th,2008, reduced by dividends and interest on capital paid from December 4th, 2007 to the day of the settlement of the Offer, and (b) the market price of the preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. at the time of the Offer; (ii) payment in reais at the settlement of the Offer; and, (iii) conclusion of the Offer on or prior to April 15th, 2008. Currently BNDESPAR owns 12.707.827 preferred shares of the Company. Assuming that the conditions of the Offer proposed by ArcelorMittal are confirmed after the registration process with the Brazilian Securities Commission ("CVM"), then, assuming that BNDESPAR tenders its shares in the Offer, BNDESPAR's shares, together with that of the shareholders of the ArcelorMittal Inox Brasil who have already communicated their intention to sell in the Offer, as disclosed in the press release issued by the Company on December 4th, 2007, would permit ArcelorMittal to reach the minimum acceptance level required in the Offer for de-listing to be achieved. The Company restates its intention to launch a de-listing cash offer to acquire the 43% of outstanding shares in ArcelorMittal Inox Brasil it does not currently own and clarifies that it has already obtained final Board approval to file the Offer with the CVM and intends to do so as soon as possible. Important Information The request for registration of the Offer by ArcelorMittal for shares in ArcelorMittal Inox Brasil will be subject to analysis and approval by the CVM and its features will be subject to adjustment until such registration is obtained. In addition, ArcelorMittal has reserved the right not to proceed with the Offer in the event the CVM requires material modification to the terms and conditions thereof. This document does not constitute an offer to acquire ArcelorMittal Inox Brasil securities in any jurisdiction. Any offer that may be made will be made to all holders of shares of ArcelorMittal Inox Brasil located in Brazil. In addition, holders of shares of ArcelorMittal Inox Brasil located outside of Brazil may participate in the offer on the condition that such holders are permitted to do so under the laws and regulations of the jurisdiction in which they are located. About ArcelorMittal ArcelorMittal is the world's number one steel company, with 320,000 employees in more than 60 countries. The company brings together the world's number one and number two steel companies, Arcelor and Mittal Steel. ArcelorMittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies Captive supply is a term for that part of the supply that is not owned by a company but is used by the company to maximize its own profits often at the unknowing expense of those who actually own those supplies. of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries List of American countries Nations:
ArcelorMittal key pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma financials for 2006 show combined revenues of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 88.6 billion, with a crude steel production of 118 million tonnes, representing around 10 per cent of world steel output. ArcelorMittal is listed on the stock exchanges of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (MT), Amsterdam (MT), Paris (MTP (1) (Message Transfer Part) See SS7. (2) (Media Transfer Protocol) A Microsoft enhancement to the picture transfer protocol (PTP), starting with Windows Media Player 10 in Windows XP. ), Brussels (MTBL MTBL Mean Time Between Data Loss ), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS (1) See Microsoft Transaction Server. (2) (Modular TV System) The stereo channel added to the NTSC standard, which includes the SAP audio channel for special use. 1. MTS - Message Transport System. 2. ). |
|
||||||||||||||
Bahamas 
Printer friendly
Cite/link
Email
Feedback
Reader Opinion