CORRECT: ArcelorMittal Agrees To Sell Enovos Stake For EUR330 Million
10 Maggio 2012 - 6:08PM
Dow Jones News
Steel titan ArcelorMittal (MT) said Thursday it has agreed to
sell its 23.48% stake in Luxembourg-based energy company Enovos
International SA for EUR330 million as part of a wider plan to sell
selective non-core assets in order to shore up its balance
sheet.
Since September 2011 the world's largest steelmaker has sold
$1.6 billion worth of non-core assets.
In November, Standard & Poor's Ratings Services lowered its
outlook on the steelmaker to negative from stable, citing concerns
about the company's high leverage and expectations that its
financial metrics may deteriorate given uncertainty about the
health of the European and U.S. economy.
ArcelorMittal has agreed to sell the stake to a fund managed by
AXA Private Equity and will be paid in two installments. The first
EUR165 million will be paid once the deal is closed and the
remaining portion will be deferred for up to two years, with
interest accrued over that period.
The deal is expected to close before the end of June, subject to
regulatory approval, ArcelorMittal said.
Enovos specializes in the distribution and transmission of
natural gas and electricity in Luxembourg, Germany, and France. The
company's remaining shareholders include the Luxembourg state with
a 25.44% stake, RWE AG (RWEOY) with an 18.36%, E.ON AG (EONGY) with
a 10% stake and Electrabel, a unit of GDF Suez (GSZ.FR) with a 4.7%
stake.
The City of Luxembourg also owns an 8% stake and investment fund
Societe Nationale de Credit et d'Investissement, or SNCI, owns a
10% stake.
-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328;
alex.macdonald@dowjones.com
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