(CercleFinance.com) – Vallourec announces that ArcelorMittal has entered into an agreement to purchase the stake of 28.4% of the voting rights and 27.5% of the capital held by Apollo in its capital, at a price of 14.64 euros per share, i.e. a total amount of 955 million euros.
According to the group, this stake ‘testifies to the scale of the successful operational recovery in two years, as well as robust prospects for the premium seamless tubes business in the years to come’.
Completion of the acquisition is expected in the second half of 2024, following receipt of necessary regulatory approvals. ArcelorMittal does not intend to launch a voluntary takeover bid for Vallourec’s remaining shares in the next six months.
Vallourec and ArcelorMittal will begin discussions on a shareholders’ pact, with representation of two seats on the board of directors for the steelmaker upon completion of the operation (subject to negotiations).
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