You are in：Home > News Center
ArcelorMittal may bid for China Oriental - Report
Add Time：2015-03-19 20:51:00 Clicks：
Bloomberg reported that China Oriental Group Co said that ArcelorMittal may make a bid for the shares of the Beijing-based company it doesn’t already own.
China Oriental said on Wednesday in a statement that “China Oriental was told by a non executive director of the ArcelorMittal that there is a possibility of ArcelorMittal making a general offer to acquire all of the outstanding shares.”
However, the report added that ArcelorMittal said in a statement it has no immediate plan to make an offer to minority China Oriental shareholders.
According to ArcelorMittal’s website, it owns 30% of China Oriental. ING Groep NV and Macquarie Group Ltd., which according to data compiled by Bloomberg own 9.9% and 7.5% of China Oriental, respectively, entered into a put-option agreement last year to sell their stakes to ArcelorMittal. Should those options, which expire in April, be exercised, it would trigger a mandatory takeover offer by ArcelorMittal.
China Oriental Chairman and Chief Executive Officer Han Jingyuan owns 43% of the company.
China Oriental, which has a market value of HKD 3.4 billion (USD 438 million), has Chinese subsidiaries that make steel for the domestic market. Its shares are currently suspended in Hong Kong.
Source - Bloomberg
China Oriental said on Wednesday in a statement that “China Oriental was told by a non executive director of the ArcelorMittal that there is a possibility of ArcelorMittal making a general offer to acquire all of the outstanding shares.”
However, the report added that ArcelorMittal said in a statement it has no immediate plan to make an offer to minority China Oriental shareholders.
According to ArcelorMittal’s website, it owns 30% of China Oriental. ING Groep NV and Macquarie Group Ltd., which according to data compiled by Bloomberg own 9.9% and 7.5% of China Oriental, respectively, entered into a put-option agreement last year to sell their stakes to ArcelorMittal. Should those options, which expire in April, be exercised, it would trigger a mandatory takeover offer by ArcelorMittal.
China Oriental Chairman and Chief Executive Officer Han Jingyuan owns 43% of the company.
China Oriental, which has a market value of HKD 3.4 billion (USD 438 million), has Chinese subsidiaries that make steel for the domestic market. Its shares are currently suspended in Hong Kong.
Source - Bloomberg