ArcelorMittal says it has signed a binding agreement with Condesa Tubos for the acquisition of the 67% shareholding it does not own in the Spanish welded tube manufacturer, Kallanish learns from the steelmaking giant.
ArcelorMittal has had a 33% participation in the company since February 2016, as a result of its restructuring within the framework of the so-called “Phoenix Project”. The balance of shares is owned by banks Santander, BBVA, CaixaBank, Kutxabank, Bankinter, Caja Rural de Navarra and Banco Sabadell.
“As part of this agreement, Spain’s Zalaín Transformados, Cold Profile and Condesa Fabri plants, as well as Germany’s SRW Schwarzwälder Röhrenwerk, will become part of the ArcelorMittal Europe – Tubular Products structure,” the steelmaker says. With the acquisition, ArcelorMittal will expand its market presence with a wide range of high-added-value products.
The acquisition now awaits approval from Spanish authorities, and other closing conditions, ArcelorMittal adds.
Todor Kirkov Bulgaria