Cleary Gottlieb acted as international counsel to ArcelorMittal in its successful cash tender offer for all the outstanding shares in Acindar Industria Argentina de Aceros SA that it did not already own. 98.6% of the public float of Acindar was tendered in the offer for a total consideration of $552 million, allowing ArcelorMittal to own 99.5% of Acindar’s share capital. The deal closed on February 14.
ArcelorMittal is the world’s largest and most global steel producer. It results from the combination in 2006 of Mittal Steel and Arcelor, at the time respectively the world’s largest and second largest steel companies by production volume.