Stocks News
- ArcelorMittal to buy China Oriental stake
Date: 8-Nov-2007 Sources: (Shenzhen Daily)
ARCELORMITTAL, the world's largest steelmaker, yesterday agreed to buy a 28 percent stake in China Oriental Group Co. for US$647 million, as part of its strategy to expand output in the biggest consumer of the alloy.
ArcelorMittal is buying the stake from China Oriental's former board member Chen Ningning, whose takeover bid for the company failed, and Smart Triumph Corp. 'The acquisition enables ArcelorMittal to build on its presence in the important and fast-growing steel industry in China,'ArcelorMittal said in a statement.
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