Vallourec: ArcelorMittal becomes reference shareholder

(CercleFinance.com) - Vallourec announces that ArcelorMittal has reached an agreement to purchase Apollo's 28.
4% voting rights and 27.5% shareholding in its capital, at a price of E14.64 per share, representing a total of E955m.

According to the group, this acquisition testifies to the scale of the operational turnaround achieved in two years, as well as to the robust prospects for the premium seamless tubes business in the years ahead.

This deal is set to be completed in H2 2024, after receiving the necessary regulatory approvals. ArcelorMittal does not intend to launch a voluntary takeover bid for the remaining Vallourec shares in the next six months.

Vallourec and ArcelorMittal will begin discussions on a shareholders' agreement, with the steelmaker having two seats on the board of directors upon the transaction's completion (subject to negotiations).


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