ArcelorMittal S.A.: ArcelorMittal completes acquisition of strategic stake in Vallourec
ArcelorMittal has completed the acquisition of a 28.41% stake in Vallourec for approximately €955 million, purchasing 65,243,206 shares at €14.64 per share from Apollo Global Management funds. This strategic move strengthens ArcelorMittal's position in the high-quality tubular products market, with potential growth in clean energy sectors. Following the acquisition, ArcelorMittal executives will join Vallourec's board, including Genuino Magalhaes Christino as director, Keith Howell as director, and Aditya Mittal as observer.
CEO Aditya Mittal emphasized that this acquisition aligns with ArcelorMittal's growth strategy, complementing recent successful acquisitions in Brazil and the US. The company does not plan to launch a tender offer for Vallourec's remaining shares in the next six months.
ArcelorMittal ha completato l'acquisizione di una partecipazione del 28,41% in Vallourec per circa 955 milioni di euro, acquistando 65.243.206 azioni a 14,64 euro per azione da fondi di Apollo Global Management. Questa mossa strategica rafforza la posizione di ArcelorMittal nel mercato dei prodotti tubolari di alta qualità, con potenziali opportunità di crescita nei settori delle energie pulite. Dopo l'acquisizione, i dirigenti di ArcelorMittal entreranno nel consiglio di amministrazione di Vallourec, tra cui Genuino Magalhaes Christino come direttore, Keith Howell come direttore e Aditya Mittal come osservatore.
Il CEO Aditya Mittal ha sottolineato che questa acquisizione è in linea con la strategia di crescita di ArcelorMittal, integrando recenti acquisizioni di successo in Brasile e negli Stati Uniti. L'azienda non prevede di lanciare un'offerta pubblica per le rimanenti azioni di Vallourec nei prossimi sei mesi.
ArcelorMittal ha completado la adquisición de una participación del 28,41% en Vallourec por aproximadamente 955 millones de euros, comprando 65.243.206 acciones a 14,64 euros por acción de fondos de Apollo Global Management. Este movimiento estratégico refuerza la posición de ArcelorMittal en el mercado de productos tubulares de alta calidad, con un potencial crecimiento en los sectores de energía limpia. Tras la adquisición, los ejecutivos de ArcelorMittal se unirán a la junta de Vallourec, incluyendo a Genuino Magalhaes Christino como director, Keith Howell como director y Aditya Mittal como observador.
El CEO Aditya Mittal enfatizó que esta adquisición está alineada con la estrategia de crecimiento de ArcelorMittal, complementando adquisiciones recientes exitosas en Brasil y Estados Unidos. La compañía no planea lanzar una oferta pública para las acciones restantes de Vallourec en los próximos seis meses.
아르셀로미탈은 발로렉의 28.41% 지분을 약 9억 5500만 유로에 인수했다고 발표했으며, 아폴로 글로벌 매니지먼트 펀드로부터 주당 14.64 유로에 65,243,206주를 구매하였습니다. 이 전략적 결정은 아르셀로미탈의 고품질 튜블러 제품 시장에서의 입지를 강화하며, 청정 에너지 분야의 성장을 위한 잠재력을 가지고 있습니다. 인수 이후 아르셀로미탈 경영진은 발로렉의 이사회에 합류할 예정이며, 여기에는 제뉴이노 마갈하에스 크리스티노, 키스 하우엘, 아디티야 미탈이 포함됩니다.
CEO 아디티야 미탈은 이번 인수가 아르셀로미탈의 성장 전략과 일치하며, 브라질 및 미국에서의 최근 성공적인 인수를 보완한다고 강조했습니다. 회사는 향후 6개월 내에 발로렉의 나머지 주식에 대해 공개 제안을 진행할 계획이 없습니다.
ArcelorMittal a achevé l'acquisition d'une participation de 28,41 % dans Vallourec pour environ 955 millions d'euros, en achetant 65 243 206 actions à 14,64 euros par action auprès de fonds Apollo Global Management. Ce mouvement stratégique renforce la position d'ArcelorMittal sur le marché des produits tubulaires de haute qualité, avec un potentiel de croissance dans les secteurs des énergies renouvelables. Suite à l'acquisition, les cadres d'ArcelorMittal rejoindront le conseil d'administration de Vallourec, y compris Genuino Magalhaes Christino en tant que directeur, Keith Howell en tant que directeur et Aditya Mittal en tant qu'observateur.
Le PDG Aditya Mittal a souligné que cette acquisition s'inscrit dans la stratégie de croissance d'ArcelorMittal, complétant les récentes acquisitions réussies au Brésil et aux États-Unis. L'entreprise ne prévoit pas de lancer d'offre publique pour les actions restantes de Vallourec dans les six mois à venir.
ArcelorMittal hat den Erwerb einer Beteiligung von 28,41% an Vallourec abgeschlossen für etwa 955 Millionen Euro und 65.243.206 Aktien zu einem Preis von 14,64 Euro pro Aktie von Apollo Global Management erworben. Dieser strategische Schritt stärkt die Position von ArcelorMittal im Markt für hochwertige Rohrprodukte und eröffnet Potenziale im Wachstumsbereich der sauberen Energien. Nach der Akquisition
CEO Aditya Mittal betonte, dass diese Akquisition mit der Wachstumsstrategie von ArcelorMittal im Einklang steht und die kürzlich erfolgten erfolgreichen Akquisitionen in Brasilien und den USA ergänzt. Das Unternehmen plant nicht, in den nächsten sechs Monaten ein Übernahmeangebot für die restlichen Aktien von Vallourec zu machen.
- Acquisition of 28.41% stake in Vallourec for €955 million, expanding ArcelorMittal's market presence
- Strategic entry into high-quality tubular products market with growth potential in clean energy sectors
- Appointment of ArcelorMittal executives to Vallourec's board, increasing influence in company decisions
- Aligns with ongoing growth strategy, complementing recent successful acquisitions in Brazil and US
- Significant capital outlay of €955 million for minority stake
- No immediate plans for full acquisition, limiting potential synergies and control
Insights
ArcelorMittal's acquisition of a 28.41% stake in Vallourec for
The deal's financial impact is notable, representing about
The no-tender offer commitment for six months suggests a strategic rather than takeover approach, which may be viewed positively by the market as it limits immediate financial exposure while allowing for potential future expansion.
This acquisition aligns with global energy transition trends, potentially positioning ArcelorMittal to capitalize on the growing demand for tubular products in renewable energy infrastructure. The move could enhance the company's product portfolio diversification and provide a competitive edge in emerging markets.
Investors should consider the long-term growth potential in clean energy markets and how this stake in Vallourec might strengthen ArcelorMittal's value proposition in these sectors. The appointment of key ArcelorMittal executives to Vallourec's board suggests a hands-on approach to strategic alignment and potential for operational synergies.
However, it's important to monitor integration challenges and how effectively ArcelorMittal leverages this investment to drive growth in new markets while maintaining focus on its core steel business.
The completion of this acquisition following antitrust approvals and foreign investment clearances indicates a thorough regulatory process. This suggests minimal legal risks associated with the transaction. The explicit statement about not launching a tender offer for the next six months is a important legal commitment, providing clarity to the market and potentially preempting regulatory scrutiny.
The appointment of ArcelorMittal executives to Vallourec's board raises considerations about corporate governance and potential conflicts of interest. Investors should monitor how these appointments influence decision-making and ensure compliance with relevant corporate laws and regulations.
ArcelorMittal's commitment to inform the market of any changes in its intentions regarding further acquisitions demonstrates transparency and compliance with disclosure requirements, which is positive from a legal and investor relations perspective.
06 August 2024, 07:30 CET
ArcelorMittal today announces that following the signature of a Share Purchase Agreement on 12 March 2024, and after the approval of relevant antitrust authorities and clearances under foreign investment regulations, it has completed the acquisition of 65,243,206 shares, representing c.28.41% equity interest in Vallourec, for
Following completion of this transaction, the appointment of Mr. Genuino Magalhaes Christino (Chief Financial Officer, ArcelorMittal) as director of Vallourec will become effective, Keith Howell (Chief Operating Officer, ArcelorMittal USA) will be appointed as director of Vallourec, and Aditya Mittal as observer of Vallourec, subject to successful completion of the settlement.
ArcelorMittal does not intend to launch a tender offer for Vallourec’s remaining shares over the next six months and will inform the market should this intention change.
Commenting, Aditya Mittal, CEO, ArcelorMittal, said:
“Vallourec is well established as a producer of high-quality tubular products, holding a prime position in an attractive market segment that has potential for growth from new, clean energy markets. The strategic stake is a welcome addition to our investment portfolio, and we look forward to supporting Vallourec’s management team in their efforts to drive further performance improvement.
“It also supports our ongoing efforts to grow our business. The acquisitions we have made in recent years in Brazil and the US are performing well and progress with our suite of organic growth projects continues apace, with several due to complete this year. These initiatives will significantly strengthen our business, expanding our product capabilities and emerging markets exposure while enhancing our earnings capacity.”
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia, including India, through its joint venture AM/NS India.
ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of
Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com.
| Contact information ArcelorMittal Investor Relations | |
| General | +44 20 7543 1128 |
| Retail | +44 20 3214 2893 |
| SRI | +44 20 3214 2801 |
| Bonds/Credit | +33 171 921 026 investor.relations@arcelormittal.com |
| Contact information ArcelorMittal Corporate Communications | |
| Paul Weigh Tel: E-mail: | +44 20 3214 2419 press@arcelormittal.com |
1 Stake prior to preferred shares conversion into ordinary shares that will vest as a result of the completion of the Apollo block acquisition
FAQ
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