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Bloomberg reports that ArcelorMittal SA’s (AMSA’s) exclusive talks with SA’s Industrial Development Corporation (IDC) regarding the potential sale of its local steel operation have ended without a deal, leaving the company free to seek other investors.
Sources indicated that an informal proposal of about R8.5 billion from the IDC to the steelmaker failed to break the impasse. The proposed deal, which covered about R7 billion of loans and interest to AMSA, wasn’t deemed sufficient by the steelmaker and the IDC currently has little appetite to offer more, the sources said. AMSA indicated in a statement to the Johannesburg Stock Exchange on 4 November: “Engagements to explore alternative solutions continue. Further announcements will be made in relation to these matters as and when appropriate.”
- Read the full original of the report in the above regard by Antony Sguazzin & Loni Prinsloo at Moneyweb
Get other news reports at the SA LabourNews home page