Arcelor Mittal studying its options after demand to raise offer for Brazil unit |
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Tue, 13 Feb 2007 15:48
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***refiled versionPARIS (AFX) - Arcelor Mittal said it will study its options after the Brazilian stock market regulator, the CVM, said the company must raise its offer for the minority stakes in its Brazilian subsidiary Arcelor Brasil.Arcelor Mittal has offered 32.79 reals per share, which it claims is based on EBITDA valuations of Arcelor Brasil. But the CVM said this price should be raised to at least 51.27 reals, or 4.57 eur.Late yesterday, the CVM had set the minimum buyout price at 47.90 reals each, but the regulator corrected the price today after finding errors in its own calculations.'Arcelor Mittal is surprised by the CVM's response,' the company said, adding that it is 'now evaluating its available options and will comment further in due course.'Last year, the company was 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.paris@afxnews.comjs/jlcCOPYRIGHTCopyright 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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