Bekaert Sells Stake in Tire Rod Plant
April 26, 2017
Cleary Gottlieb is representing Bekaert in connection with the sale to ArcelorMittal Brasil of 55.5 percent of its Sumaré tire rod plant.
Bekaert and ArcelorMittal reached an agreement on the integration of Bekaert’s currently wholly owned subsidiary in Sumaré (Brazil) into the BMB (Belgo Mineira Bekaert Artefatos de Arame Ltda) partnership on April 26, 2017. In line with the shareholding structure of the BMB joint venture, ArcelorMittal will be the majority shareholder (55.5 percent) of the steel cord entity in Sumaré, and Bekaert will hold the remaining shares (44.5 percent).
The transaction is subject to customary closing conditions and is expected to be completed in the second quarter of 2017.
Bekaert is a long-standing client of Cleary and is a world market and technology leader in steel-wire transformation and coating technologies, listed on Euronext Brussels. In Latin America, Bekaert manufactures an extensive product portfolio to serve construction, mining, agriculture and a wide range of industrial and consumer markets across the region.
ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 19 countries. ArcelorMittal shares are listed on the New York Stock Exchange, Euronext Amsterdam, Euronext Paris, the Luxembourg Stock Exchange and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia.