Brazil regulator says Arcelor Mittal must offer 47.9 reals/shr for Brazil unit |
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Published
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Tue, 13 Feb 2007 12:39
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PARIS (AFX) - CVM, the Sao Paulo stock market regulator, ruled that Arcelor Mittal must offer at least 47.90 reals per share for minority interests in Arcelor Brasil, well above the 32.79 reals (12.12 eur) which the company has so far proposed.CVM said its SRE division of public offerings has decided the price must relate to the market valuation of Arcelor Brasil on Jun 23 last year, when the offer by Mittal Steel Co for Arcelor SA was announced.An adjustment needs to be made to increase the offer to reflect dividends paid out since then and the cash portion of the offer should be adjusted to take account of changes in the real-euro rate, the CVM said.The 47.90 reals price is based on a minimum cash payment of 4.60 reals and 0.3931 Mittal shares per Arcelor Brasil share excluding any forex adjustment, the regulator said in a statement on its website.Arcelor Mittal was last year ordered by the CVM to buy out the 34 pct of shares it does not already own in Arcelor Brasil and was given until Jan 11 to justify the initial offer price.Andrew.Newby@Thomson.comanCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Mittal says receives shareholders' approval for Arcelor deal 