Arcelor seizes first opening to sell $270m Erdemir stake
ArcelorMittal sold a TL478m ($268m) stake in Turkish steel maker Eregli Demir ve Celik Fabrikalar (Erdemir) on Monday. The deal is in keeping with ArcelorMittal's strategy to dispose of non-core assets, and follows a deal in 2012 from which the lock-up expired just before social unrest hit the country over the summer.
ArcelorMittal sold 233m shares, a 6.7% stake, for TL2.30 each. That was a 5.7% discount to Monday's TL2.44 close.
The deal was launched at just after 5pm in London on Monday, with a TL2.26-TL2.36 range, offering a 3.3%-7.4% discount. It was covered 20 minutes later and books
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