Dec 30 2005
Arcelor and the Turkish pension fund OYAK (Ordu Yardimlasma Kurumu) have agreed on December 23, 2005 that Arcelor will acquire, subject to certain conditions, 41% of Ataer Holding A.S., a wholly owned OYAK subsidiary, that has been founded to acquire a 49.29% equity stake of Erdemir (Eregli Demir ve Celik Fabrikalari A.S).
This move will allow Arcelor to develop its position in the growing Turkish and regional steel markets, leveraging the performance of the high quality assets of Erdemir. The Turkish steelmaker will benefit from the technology and innovation leadership, powerful sourcing and extensive global commercial network of Arcelor to further boost its operational excellence.
The price offered by Oyak for Erdemir shares in a public auction organized by the Turkish Privatization Administration on October 4, 2005, (USD 2.77 billion for a 46.12% stake) will be the reference for the acquisition by Arcelor of the stake in Ataer.
The transaction is subject to various regulatory approvals, including the Turkish Competition Authority. Further details will be disclosed upon the closing of the transaction between Arcelor and Oyak.