Arcelor Reduces Offer for Brazil Unit Shares

ArcelorMittal has reduced the offer price for its Arcelor Mittal Inox Brasil unit, formerly known as Acesita, to BRL94.55 per share from BRL100.00. Arcelor said it is taking the action to reflect the interim dividends that it plans to pay. The offer is now valued at about $1.76bn. A group of shareholders led by Tarpon Investments, which owns 157,300 common shares and 7.914m preferred shares, and BNDESPAR, which owns 12.707m preferred shares of the company, have irrevocably committed to sell in the offer, launched March 5. The deal is to be settled through a Bovespa auction April 4 and will result in ArcelorMittal acquiring the 43% outstanding shares in the company it does not currently own.