UPDATE 1-Brazil OKs Votorantim takeover by ArcelorMittal, calls for asset sales [Reuters]
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Source: Reuters
UPDATE 1-Brazil OKs Votorantim takeover by ArcelorMittal, calls for asset sales | Reuters Reuters Staff 2 Min Read (Adds details on request for asset sales, supplier comments) By Leonardo Goy BRASILIA, Feb 7 (Reuters) - Brazil’s antitrust watchdog CADE gave the green light on Wednesday for the takeover of Votorantim Siderurgia SA by ArcelorMittal Brasil SA, but conditioned the approval on asset sales. Cade demanded ArcelorMittal sell assets including a long steel producing unit in Espirito Santo state. Arcelor has indicated a possible buyer for that asset to the antitrust watchdog to get the deal approved, according to the rapporteur on the case Polyanna Vilanova. The buyer’s name was not disclosed. If Arcelor is unable to reach a deal for the assets, they will be auctioned, Vilanova added. Vilanova voted in favor of the tie-up, along with three CADE councilors. Two councilors voted against the deal. A lawyer representing suppliers to steelmakers, Leonardo Palhares, said the decision
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News
- ArcelorMittal S.A. (NYSE: MT) had its "hold" rating re-affirmed by analysts at Deutsche Bank Aktiengesellschaft. They now have a $31.00 price target on the stock, down previously from $34.00.MarketBeat
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- ArcelorMittal S.A.: ArcelorMittal publishes interim update on its company-wide safety auditGlobeNewswire
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Sec Filings
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