ArcelorMittal, South Africa Takeover Talks Stall Over Valuation

ArcelorMittal SA’s talks to sell its local unit to South Africa’s state-owned Industrial Development Corp. are being held up by differences over the entity’s valuation, according to people familiar with the matter.

While the IDC and ArcelorMittal may still reach an agreement on the fate of ArcelorMittal South Africa Ltd. before the end of a due diligence period on Sept. 30, the Luxembourg-based company wants considerably more than was offered, the people said. They asked not to be identified as no public statements have been made about a potential takeover.