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ArcelorMittal today said it has offloaded 6.66% stake in Turkey's largest flat steel manufacturer, Eregli Demir ve elik Fabrikalari T.A.S. (Erdemir) for $267 million.
"ArcelorMittal announces the sale of 233,169,183 shares in Erdemir by way of a single accelerated bookbuilt offering to institutional investors. The sale has generated proceeds of approximately $267 million," world's largest steel maker said in a release.
Billionaire NRI Laxmi N Mittal-led ArcelorMittal had 655,969,154 shares or 18.74% stake in Erdemir. After the completion of the sale, it would hold approximately 12.08% of Erdemir's share capital.
"ArcelorMittal has agreed to a 180-day lock-up period on its remaining stake in Erdemir," it said, adding that the sale was managed by Citigroup Global Markets Ltd.
Erdemir is the largest flat steel manufacturer of Turkey. In 2012, ArcelorMittal had revenues of $84.2 billion and produced 88.2 million tonnes of crude steel.
