ArcelorMittal announced on August 6 that it has completed the acquisition of a 28.4% equity interest in French pipe manufacturer Vallourec, for a total of around EUR 955 million, subject to a successful settlement completion.
After the acquisition, the appointment of Genuino Magalhaes Christino (Chief Financial Officer of ArcelorMittal) as director of Vallourec will be effective, Keith Howell (Chief Operating Officer of ArcelorMittal USA) will be appointed as director of Vallourec, and Aditya Mittal (CEO of ArcelorMittal) will become the observer of Vallourec.
ArcelorMittal has no intention to launch a tender offer for the remaining shares in Vallourec within the next six months and will notify the market if this intention changes.
