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ArcelorMittal Completes Offer to China Oriental Shareholders
02/06/2008 - With the completion of its general offer to shareholders in China Oriental, ArcelorMittal and its partners now hold more than 92% of the shares in the company.
ArcelorMittal announced the completion of its general offer to shareholders in China Oriental.
ArcelorMittal launched a mandatory cash tender offer on December 14, 2007 to acquire all of the outstanding share capital in China Oriental. Prior to the offer, ArcelorMittal and its affiliates held approximately 73% of the existing issued share capital of the Company. Following the offer and accounting for all valid acceptances, ArcelorMittal and its affiliates have increased their aggregate holding to approximately 92.1%.
Accordingly, the minimum public float requirement under the Hong Kong Stock Exchange listing rules—25%—has been reduced below the regulatory threshold and must be restored as soon as practicable. ArcelorMittal will consider various methods in which the company's free float will be restored.
In the interim the company has applied for a suspension of trading of shares on the HK Stock Exchange with immediate effect.
ArcelorMittal is the world's largest steel company, with 320,000 employees in more than 60 countries. The company leads a number of major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal’s key pro forma financials for 2006 show combined revenues of USD 88.6 billion, with a crude steel production of 118 million tonnes, representing around 10% of world steel output.
