ArcelorMittal (MT) said Friday it has agreed to acquire Nippon Steel's 50% stake in the AM/NS Calvert joint venture, subject to Nippon completing its planned purchase of US Steel (X).
Under the deal, ArcelorMittal will pay consideration of $1, while Nippon will provide cash and forgive partner loans amounting to an estimated $900 million.
Nippon Steel requested the transaction to address regulatory concerns about its pending acquisition of US Steel, ArcelorMittal said.
"Should [Nippon] not complete its acquisition of US Steel, then the agreement will not come into effect and the AM/NS Calvert joint venture will continue," ArcelorMittal said.
Price: 24.74, Change: -0.02, Percent Change: -0.08
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.