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12:34:45 14/05/2024 am IST
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ArcelorMittal S.A. (ENXTAM:MT) agreed to acquire Companhia Siderúrgica do Pecém from Vale S.A., POSCO Holdings Inc. and Dongkuk Steel Mill Company Limited for an enterprise value of approximately $2.2 billion.
ArcelorMittal S.A. (ENXTAM:MT) agreed to acquire Companhia Siderúrgica do Pecém from Vale S.A. (BOVESPA:VALE3), POSCO Holdings Inc. (KOSE:A005490) and Dongkuk Steel Mill Company Limited (KOSE:A001230) for an enterprise value of approximately $2.2 billion on July 28, 2022. On July 27, 2022, ArcelorMittal entered into a $2.2 billion bridge term facility agreement with a financial institution. The facility may be applied toward the purchase price for the intended acquisition of Companhia Siderúrgica do Pecém, as well as the refinancing of its existing indebtedness and the payment of related fees, costs and expenses. Transaction closing is subject to certain corporate and regulatory approvals, including CADE (Brazilian antitrust) approval which is expected by late 2022. As of January 16, 2023, the transaction is approved by CADE (Brazilian antitrust). As of November 23, 2022, the transaction is expected to close in the first quarter of 2023. The acquisition will generate significant synergies both in operational and financial terms.
Daniel Gunzburger, Guido Vinci, Celso Grisi and Jason P. Wagenmaker of Mayor Brown LLP acted as legal advisor to ArcelorMittal S.A. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Companhia Siderúrgica do Pecém.
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Duration Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max.
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Vale S.A. is one of the world's leading metallurgy and mining groups. Revenues break down by family of products as follows:
- ferrous minerals and metals (80,2%): ferrous minerals (85.1% of revenues; 254 Mt sold in 2020), ferrous mineral granules (13.2%; 31.2 Mt), iron alloys and manganese (0.7%; 1.4 Mt), and other (1%);
- non-ferrous minerals and metals (17.9%): nickel, precious metals, and cobalt (69.7% of revenues; 211 Kt of nickel sold) and copper (30.3%; 247 Kt);
- coal (1.2%): metallurgical coal (2.9 Mt sold) and thermal coal (3 Mt);
- other (0.7%).
Revenues are distributed geographically as follows: Brazil (7.3%), the United States (2.6%), Americas (1.5%), China (57.8%), Japan (5.5%), Asia (8.2%), Europe (13.3%) and Middle East/Africa/Oceania (3.8%).
More about the company
Last Close Price
12.48
USD
Average target price
14.63
USD
Spread / Average Target
+17.25%
Consensus
1st Jan change
Capi.
-16.11% 53.4B -10.23% 53.23B +22.26% 8.96B -2.36% 5.83B -30.27% 5.4B +18.77% 2.13B +10.47% 2.03B -7.02% 1.72B +16.49% 1.71B -16.70% 1.51B
Iron Ore Mining
Stock Market Equities VALE3 Stock
News Vale S.A. ArcelorMittal S.A. (ENXTAM: MT) agreed to acquire Companhia Siderúrgica do Pecém from Vale S.A., POSCO Holdings Inc. and Dongkuk Steel Mill Company Limited for an enterprise value of approximately $2.2 billion.
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