Jun 01 2006 |
more articles from
|
Arcelor raises interest in Morocco's main steelmaker Sonasid
Arcelor, one of the world's largest steelmakers, has raised its stake in Morocco's Sonasid to 64.86%, following a "strategic partnership for the development of Sonasid agreed on March 3."Arcelor, Société Nationale d'Investissement (SNI, Morocco), said in a press release that it has transferred its interests in Sonasid to an ad hoc holding company, in partnership with MAMDA-MCMA, Axa Assurances Maroc, RMA-Watanya, CIMR and Attijariwafa bank, at a price of MAD 1,350 per share.
"The transaction will provide a basis for the consolidation and continued development of Sonasid's market positions with the benefit of technology transfers and Arcelor's expertise in long carbon steel products," said Roland Junck, Senior Executive Vice President of Arcelor.
It will also enable Arcelor to strengthen its positions on markets with high growth potential, he added.
For his part, the Chairman and Chief Executive of SNI, Hassan Bouhemou, underlined that "this ambitious project will create value for Sonasid and all its shareholders. We are also discussing with Arcelor the possibility for Sonasid to provide a base for further development in the region."
Arcelor also declared that in line with Moroccan stock-market regulations, the holding company will launch a public tender offer for the rest of Sonasid's shares.
Sonasid (Société Nationale de Sidérurgie) is Morocco's main steelmaker. It produces concrete reinforcement and wire rod. Annual production capacity is around 1.4 million metric.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment