Arcelormittal: closure of the Sumaré deal.
(CercleFinance.com) - Bekaert and ArcelorMittal have announced that they have completed the integration of Bekaert's 100% subsidiary Sumaré (Brazil) into the joint venture BMB (Belgo Mineira Bekaert Artefatos de Arame Ltda).
In accordance with the shareholding structure of the BMB joint venture, ArcelorMittal has become the majority shareholder (55.5%) in the Sumaré steel cord unit, with Bekaert holding the remaining shares (44.5%).
From 1 July 2017, the entity will operate under the name of ArcelorMittal Bekaert Sumaré Ltda and will be integrated into Bekaert's accounts by the equity method. The proceeds of the transaction amount to approximately 56 million euros for Bekaert.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
In accordance with the shareholding structure of the BMB joint venture, ArcelorMittal has become the majority shareholder (55.5%) in the Sumaré steel cord unit, with Bekaert holding the remaining shares (44.5%).
From 1 July 2017, the entity will operate under the name of ArcelorMittal Bekaert Sumaré Ltda and will be integrated into Bekaert's accounts by the equity method. The proceeds of the transaction amount to approximately 56 million euros for Bekaert.
Copyright (c) 2017 CercleFinance.com. All rights reserved.