GS packages shares, warrants for Arcelor

27 Mar 2012

ArcelorMittal launched a shares-and-warrants sale of up to half of its holding, worth around $600m, in Turkish steel firm Erdemir on Tuesday evening. Goldman Sachs is sole bookrunner for the deal, in its second packaged deal of the year following its earlier Seadrill shares-and-puts deal.

Arcelor is offering 134.3m shares in Erdemir, one quarter of its 25% holding. Investors will receive three warrants for every three shares bought: a three month warrant with a 105% strike, a six month warrant with a 110% strike and an 8.5 month warrant with a 115% strike. ...

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