UPDATE 1-India's Essar Steel creditors' panel chooses ArcelorMittal's joint bid [Reuters]
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Source: Reuters
UPDATE 1-India's Essar Steel creditors' panel chooses ArcelorMittal's joint bid | Reuters 3 Min Read (Adds Nippon Steel statement, background) By Yuka Obayashi and Promit Mukherjee Oct 26 (Reuters) - The committee of creditors of debt-laden Essar Steel India Ltd has chosen ArcelorMittal SA and Japan’s Nippon Steel & Sumitomo Metal Corp as the winning bidders for the asset, Nippon Steel said in a statement on Friday. The two companies would pay a total of $5.7 billion to buy Essar Steel, a Nippon Steel spokesman said. ArcelorMittal would own a majority stake, and Nippon Steel would own a nearly equal stake, he added. “The acquisition will be implemented subject to the approvals of Indian National Company Law Tribunal and other relevant authorities,” the Nippon Steel statement said. The announcement potentially brings to a close a year long tussle for one of the most attractive assets under the new insolvency process in India. Essar Steel drew interest from Indian steelmakers such as JS
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