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ArcelorMittal holds majority stake in China Oriental
0 Comments | AFP, November, 2007
HONG KONG (AFP) — ArcelorMittal, the world's largest steel producer, has raised its stake in China Oriental to more than 73 percent, becoming the first foreign company to take control of a Chinese steelmaker.
According to a Hong Kong stock exchange filing, the Luxembourg-based company has increased its holding in the Chinese company from about 28 percent, but no formal statement regarding the stake purchase was issued.
ArcelorMittal paid 647 million dollars for the 28 percent shareholding earlier this month. On Thursday, the Financial Times said the 73 percent stake could be valued at about 1.7 billion dollars.
The deal in China Oriental reflects ArcelorMittal's ambition to take a foothold in the world's biggest producer and consumer of steel.
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