By Nathan Allen

Mutares AG (MUX.XE) said Tuesday that it has made a binding offer for ArcelorMittal's (MT.AE) France-based subsidiary ArcelorMittal TrefilUnion SAS, which manufactures steel wires and ropes.

The German buyout group said its proposal will be presented to TrefilUnion workers' representatives on Wednesday.

Neither company disclosed the value of the offer.

Mutares invests in unprofitable small to mid-sized companies and seeks to turn them around by optimizing operations.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

April 23, 2019 03:38 ET (07:38 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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