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ArcelorMittal Expands in India – Analyst Blog
Zacks Market Commentaries (September 9th, 2009) Writes:
On Friday, ArcelorMittal (MT) said it planned to launch a tender offer for acquiring a 29.4% stake in Uttam Galva Steels Ltd. (“Uttam Galva"), a leading producer of cold rolled steel, galvanized products and color-coated coils & sheets based in Western India.
The offer price of Rs.120 or $2.46 per share represents a 27% premium over the 2-week volume weighted average and 85% over the 6-month volume weighted average.
Last week, the company had agreed with existing founder, the RK Miglani family, to buy 5.6% shares of Uttam Galva. ArcelorMittal also signed a contract with the RK Miglani family and Uttam Galva in order to become a co-promoter and obtain broad joint control rights in the concern.
Subject to 29.4% of shares being tendered in the offer, ArcelorMittal will hold a 35% equity interest in Uttam Galva. The transaction value for the stake is Rs.5 billion or $103
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existing founder, India, Mumbai, RK Miglani, Rs, Steel Demand, Stocks to Watch, USD, Uttam Galva, Zacks Market Commentaries
existing founder, India, Mumbai, RK Miglani, Rs, Steel Demand, Stocks to Watch, USD, Uttam Galva, Zacks Market Commentaries
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