ArcelorMittal's Bid for Essar Approved by Creditors
26 Octubre 2018 - 2:36AM
Noticias Dow Jones
By Nathan Allen
ArcelorMittal (MT.AE) said Friday that it has won a bidding war
for Essar Steel, after the bankrupt Indian steelmaker's committee
of creditors approved its bid.
The Luxembourg-based group said it will initially pay 42,000
crore rupees ($5.74 billion) followed by a later injection of
around $1.09 billion to support operational improvement, increase
production levels and boost profitability.
ArcelorMittal had already agreed to pay around $1 billion to
clear the debts of two other Indian steel companies so that it
could proceed with its bid for Essar.
India's Supreme Court ruled earlier in October that
ArcelorMittal must pay off the debts of Uttam Galva and KSS
Petron--two companies in which it previously held stakes--before
its bid could be considered.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
October 26, 2018 03:21 ET (07:21 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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