World's largest steel maker ArcelorMittal today said it had acquired an additional 35% in its Argentina-based subsidiary Acindar for about $552 million.The NRI steel baron Lakshmi Mittal-run company already holds 64.5% stake in Acindar through its subsidiary ArcelorMittal Brasil SA and with the latest acquisition, its holding has increased to 99.5% in the firm.ArcelorMittal said that its cash tender offered for 35.5% of additional stake in Acindar received 98.6% participation. As of expiration date, the offering has been accepted for shares representing 35% stake in the company, the company said in a statement.On February 14, the closing date for the offer, ArcelorMittal would pay to the shareholders of Acindar $552 million for the tendered shares."I am very pleased that we have received such a positive response from shareholders to our offer. Acindar, as part of the ArcelorMittal Group, will have additional opportunities to benefit from being part of the world's leading steel company. We are very committed to our business in Argentina and Latin America and will continue to look for opportunities to further enhance the profile and performance of our assets in this region," Lakshmi Mittal, president and chief executive officer, ArcelorMittal, said. JP Morgan acted as lead arranger and dealer manager for the offer.
