ArcelorMittal to boost stake in Chinese iron and steel producer

0 Comments | AFP, December, 2007

PARIS (AFP) — ArcelorMittal, the world's largest steel maker, said Friday it would boost its stake in Chinese iron and steel producer China Oriental Group, in which it already holds a 28-percent interest.

The size of the planned increase was not disclosed.

Arcelor said late last month that it was in talks with China Oriental Group on an increase in participation, which according to The Financial Times could eventually give Arcelor a holding of 73 percent in a deal worth 1.7 billion dollars (1.2 billion euros).

Arcelor said Friday its latest offer would be no less than 6.12 Hong Kong dollars per share, the price at which it acquired its 28.02 percent stake.

The Luxembourg-based steel giant also announced that it had forged an agreement with China...