ArcelorMittal: sells 40 million Cleveland-Cliffs shares
(CercleFinance.com) - ArcelorMittal North America Holdings LLC, a wholly-owned subsidiary of ArcelorMittal, today announced an agreement to sell 40 million Cleveland-Cliffs ordinary shares (current price: 17.
33 dollars, meaning just under 700 million dollars in all) through a fully subscribed market offer.
The proceeds from this sale of Cleveland-Cliffs ordinary shares will be used for a new program to repurchase ArcelorMittal's own ordinary shares. The details and terms of the buyback will be announced after the expiry of the Company's current closing period on 15 February, ArcelorMittal announced.
Following the sale, ArcelorMittal North America Holdings LLC will continue to hold approximately 38 million Cleveland-Cliffs ordinary shares.
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33 dollars, meaning just under 700 million dollars in all) through a fully subscribed market offer.
The proceeds from this sale of Cleveland-Cliffs ordinary shares will be used for a new program to repurchase ArcelorMittal's own ordinary shares. The details and terms of the buyback will be announced after the expiry of the Company's current closing period on 15 February, ArcelorMittal announced.
Following the sale, ArcelorMittal North America Holdings LLC will continue to hold approximately 38 million Cleveland-Cliffs ordinary shares.
Copyright (c) 2021 CercleFinance.com. All rights reserved.