Thursday, Arcelor Mittal (MT) said it has agreed to acquire an additional 13.881% stake in Arcelor Mittal Ostrava, a.s. from a subsidiary of PPF GROUP N.V., an international financial and investment group in Central and Eastern Europe, for CZK 6,879,524,000 or around $US 404.3 million.
This values Arcelor Mittal Ostrava, a.s. at an Enterprise Value of about $US 264 per tonne of liquid steel capacity. The final payment will be made in 2010. Arcelor Mittal said it will thus increase its stake in ArcelorMittal Ostrava, a.s. to approximately 96.4% and PPF GROUP N.V. will step out of the Czech steelmaker's shareholding structure.
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