Spain’s Condesa Said to Draw Bidders Like ArcelorMittal

Grupo Condesa, the Spanish soldered steel tubes maker, is exploring a sale and may attract interest from companies including ArcelorMittal (MT), the world’s largest steelmaker, according to people familiar with the matter.

Grupo Condesa is seeking a new owner amid declining sales and the Spanish company may fetch about 500 million euros ($682 million), the people said, asking not to be identified because the deliberations are private.

Representatives for Condesa and Luxembourg-based ArcelorMittal declined to comment.

ArcelorMittal said last month European steel demand is growing faster than it expected, countering a slump in Russia and Ukraine. Demand in its largest market may expand as much as 3 percent this year, up from 2.5 percent forecast in February.

The company reversed its forecast for the Commonwealth of Independent States, saying it expected demand to contract as much as 2 percent because of the crisis over Ukraine.

To contact the reporters on this story: Manuel Baigorri in London at mbaigorri@bloomberg.net; Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net Alex Devine

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