Mittal highest bidder for stake in Sesa Goaadmin
Arcelor Mittal, the world’s top steel maker, has bid about 2,200 rupees ($51) per share for a 51 percent stake in Sesa Goa, and may seek to buy out India’s biggest iron ore exporter, the Economic Times reported on Tuesday.
Quoting “people in the know”, the paper said Mittal’s bid, which valued the Indian firm at $2 billion, was higher than those of rivals including one from India’s Aditya Birla group of around 2,000 rupees per share for the stake held by Japan’s Mitsui & Co.
The paper had earlier said Mittal and the Aditya Birla group had offered 2,000 rupees per share in a second round of bidding.
An announcement on the stake sale was likely next week, the paper said, citing sources.
A successful bidder would have to make an open offer to buy a further 20 percent from shareholders, and Mittal may seek to buy out the company, the paper said.
Revised bids for the Indian firm were lower than initial ones of around 2,500 rupees per share after India’s budget levied a tax of 300 rupees per tonne on iron ore exports, it said.
The paper had earlier said bidders also included Vedanta Resources and Brazilian miner CVRD.