Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Erdemir Slimps as Mittal Sells Stake: Istanbul Mover

Don't Miss Out —
Follow us on:

March 28 (Bloomberg) -- Eregli Demir & Celik Fabrikalari TAS, Turkey’s largest steelmaker, dropped the most in more than three years after ArcelorMittal, the world’s biggest steelmaker, sold part of its stake.

Erdemir, as the company is also known, plunged 11 percent to 3.58 liras in Istanbul after ArcelorMittal said it reduced its ownership in Erdemir to 18.7 percent from 25 percent. The loss was the biggest since November 2008.

ArcelorMittal sold 134.3 million Erdemir shares and an equal number of warrants for 478.2 million liras ($268 million), it said in a statement today. The transaction valued Erdemir’s shares at 3.56 liras a piece, according to data compiled by Bloomberg.

ArcelorMittal’s stake will decline to 12.5 percent should all warrants related to the sale be exercised, ArcelorMittal said.

Goldman Sachs Group Inc. was hired to manage the sale, ArcelorMittal said in an e-mailed statement yesterday.

To contact the reporter on this story: Mark Bentley in Istanbul at mbentley3@bloomberg.net

To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.