ArcelorMittal Sets $3 Billion Rights Issue at 35.3% Discount
11 March 2016 - 7:35PM
Dow Jones News
By Alex MacDonald
LONDON--Steel giant ArcelorMittal (MT) on Friday outlined the
terms of a $3 billion rights issue aimed at shoring up its finances
while grappling with a global steel glut that pushed it to a $6.7
billion loss in the fourth quarter.
The world's largest steelmaker by output said shareholders on
Thursday overwhelmingly backed a rights issue that will allow them
to buy seven new shares for every 10 existing shares at EUR2.20 a
share ($2.45). The roughly 1.26 billion shares will be issued at a
price that represents a 35.3% discount to Arcelormittal's
theoretical ex-rights price, based on its closing Euronext
Amsterdam share price on March 10.
The Mittal family said it has agreed to subscribe to its
entitlement of the share issue based on its 37.38% stake in the
Luxembourg-based steelmaker.
-Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
March 11, 2016 03:20 ET (08:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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