Business Services Industry
BRAZIL: ARCELOR TO BUY STAKE IN BRAZILIAN STEEL FIRM.(acqiuires Brazilian steel firm CST)(Brief Article)
IPR Strategic Business Information Database, June, 2004
Luxembourg-based Arcelor, the world's largest steel maker, said it has agreed to buy a controlling stake in Brazilian steel firm CST for US$579 million as part of its strategy to enhance its scale and presence in the global carbon steel market. Arcelor, which currently owns a minority stake in CST, agreed to buy 869 million common shares and 9.38 million preferred shares of CST, representing 4.42 percent of the voting capital and 29.96 percent of the non-voting capital respectively belonging to Brazilian mining-metals giant CVRD, the company said in a statement.
Arcelor will hold a 61.77 percent stake in CST and become its controlling shareholder with the current deal. - (EMEconomy.com)
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