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ArcelorMittal Initiates Purchase of ArcelorMittal Ostrava Shares from Czech Republic
08/04/2009 - ArcelorMittal transfers its first 1 billion CZK installment to the Czech Republic’s Ministry of Finance toward the purchase of the Czech government’s 11% stake in ArcelorMittal Ostrava.
ArcelorMittal transferred its first 1 billion CZK installment into the Czech Republic’s Ministry of Finance’s account toward the company’s purchase of the Czech government’s 11% stake in ArcelorMittal Ostrava.
Originally announced earlier this year, the stock transfer was subject to a definite and irreversible settlement of a previous lawsuit against the Czech Republic for 30 billion CZK, which was completed this June.
ArcelorMittal’s 7 billion CZK transaction has been divided into seven installments, with the final payment due in 2015. The installment plan has been approved with consideration of the substantial year-on-year change in economic climate, which has resulted in a considerable drop in market price for the shares in 2009 year-on-year from when the price was set.
The ministry of finance has a right of lien for all the sold shares until the due date.
