Deals
Saudi Fund Considering Boosting Stake in ArcelorMittal JV
- PIF said to mull Jubail capital hike, debt-for-equity swap
- Measures worth $300 million to raise PIF’s stake to 40 percent
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Saudi Arabia’s sovereign wealth fund is considering a plan to inject up to $300 million into a troubled steel pipe factory co-owned by ArcelorMittal, according to people familiar with the matter.
The Public Investment Fund is looking at doubling its stake in ArcelorMittal Tubular Products Jubail to 40 percent by buying new shares and converting debt to equity, the people said, asking not to be identified as the information is private. The final terms of the deal have not been agreed and the plans could change, the people said.