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ArcelorMittal Agrees To Sell Enovos Stake For EUR300 Million

LONDON -(Dow Jones)- Steel titan ArcelorMittal (MT) said Thursday it has agreed to sell its 23.48% stake in Luxembourg-based energy company Enovos International SA for EUR300 million as part of a wider plan to sell selective non-core assets in order to shore up its balance sheet. Since September 2011 the world's largest steelmaker has sold $1.6 billion worth of non-core assets. In November, Standard & Poor's Ratings Services lowered its outlook on the steelmaker to negative from stable, citing concerns about the company's high leverage and expectations that its financial metrics may deteriorate given uncertainty about the health of the European and U.S. economy. ArcelorMittal has agreed to sell the stake to a fund managed by AXA Private Equity and will be paid in two installments. The first EUR165 million will be paid once the deal is closed and the remaining portion will be deferred for up to two years, with interest accrued over that period. The deal is expected to close before the end of June, subject to regulatory approval, ArcelorMittal said. Enovos specializes in the distribution and transmission of natural gas and electricity in Luxembroug, Germany, and France. The company's remaining shareholders include the Luxembourg state with a 25.44% stake, RWE AG (RWEOY) with an 18.36%, E.ON AG (EONGY) with a 10% stake and Electrabel, a unit of GDF Suez (GSZ.FR) with a 4.7% stake. The City of Luxembourg also owns an 8% stake and investment fund Societe Nationale de Credit et d'Investissement, or SNCI, owns a 10% stake. -By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com

Stock News for Mittal Steel (MT)
DateTimeHeadline
03/16/201514:12:56Report of Foreign Issuer (6-k)
03/02/201511:41:41Automatic Shelf Registration Statement of Securities of Well-known...
03/02/201510:24:50Report of Foreign Issuer (6-k)
02/27/201518:51:15Iron Ore Prices Continue To Weigh In On ArcelorMittal With No...
02/26/201513:57:14Amended Annual and Transition Report (foreign Private Issuer...
02/25/201512:36:51Report of Foreign Issuer (6-k)
02/25/201509:35:35Notice of Iran-related Disclosure Filed Pursuant to Section 13(r)(3...
02/24/201514:49:49Annual and Transition Report (foreign Private Issuer) (20-f)
02/23/201510:09:10The Finest Steel Must Endure The Hottest Fire
02/13/201514:27:23Report of Foreign Issuer (6-k)
02/13/201513:14:48ArcelorMittal Narrows Loss, Warns on Earnings -- 2nd Update
02/13/201512:23:46Correction to ArcelorMittal Expects Pressure From Iron Ore Prices...
02/13/201512:22:25ArcelorMittal Expects Pressure From Iron Ore Prices -- 2nd Update
02/13/201512:17:22ArcelorMittal Expects Pressure From Iron Ore Prices -- 2nd Update
02/13/201512:09:18Report of Foreign Issuer (6-k)
02/13/201512:03:11ArcelorMittal Expects Pressure From Iron Ore Prices -- Update
02/13/201503:31:38ArcelorMittal Expects Pressure From Iron Ore Prices
02/12/201512:06:33ArcelorMittal Eyes Swing to Net Profit Despite Iron Ore Price...
02/03/201518:50:10Cliffs Natural Resources Cries Foul Over Steel Imports--Update
02/03/201510:52:59Report of Foreign Issuer (6-k)

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