ArcelorMittal May Get $491 Million IDC South Africa Unit Bid

South Africa’s top development finance institution is working with financial advisers on a possible bid of about 8.5 billion rand ($491 million) for control of ArcelorMittal SA’s business in the country, people familiar with the situation said.

If successful, the bid considered by the Industrial Development Corp. — which would include taking on debt — would end almost two years of negotiations with the state firm, the government’s trade and industry department and the global steelmaker.