Cleary Gottlieb assisted ArcelorMittal in structuring and implementing its 2008 Employee Share Purchase Plan (“ESPP 2008”), offered to more than 220,000 employees in 22 countries.
ArcelorMittal is the world’s leading steel company, with over 325,000 employees in more than 60 countries.
Eligible employees were offered a maximum of 2,500,000 ArcelorMittal shares, with a maximum of 200 shares per employee. ArcelorMittal offered a 15% discount on the first 100 shares purchased by each employee, and a 10% discount on the next 100 shares. Shares bought under the ESPP 2008 are subject to a three-year holding requirement.