ArcelorMittal South Africa, ICT Deal Lapses
07 October 2011 - 3:24AM
Dow Jones News
ArcelorMittal South Africa Ltd. (ACL.JO) Thursday said a pending
deal to buy Imperial Crown Trading, a company that holds rights to
a mine the steelmaker previously held, for 800 million rand, has
lapsed.
"The proposed acquisition was subject to the fulfillment of
certain conditions precedent and on Aug. 12 the agreement lapsed
without all the conditions being fulfilled," ArcelorMittal South
Africa, a unit of ArcelorMittal (MT), said.
The steelmaker entered into an agreement in August 2010 to
purchase the company after its 21.4% stake in the South Africa's
largest iron ore mine, Sishen, was awarded to ICT by the Department
of Minerals.
The remainder of Sishen is owned and operated by Kumba Iron Ore
Ltd. (KIO.JO). Sishen is ArcelorMittal's main supplier of iron ore
in the country.
ICT's Sishen stake is currently in South Africa's High Court for
review. Kumba is arguing that ICT shouldn't have been awarded the
right over itself.
-Devon Maylie, Dow Jones Newswires; +27 11 783 7848;
devon.maylie@dowjones.com
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