Arcelor, Noble joining laser-weld blanks units
Oct 30, 2006 | 08:20 AM
| Philip Burgert
Automotive laser-welded blanks supplier Noble International Ltd., Warren, Mich., and Arcelor SA, a subsidiary of Arcelor Mittal, have agreed to combine their laser-welded tailored blanks businesses, with Arcelor Mittal becoming Noble's largest shareholder.
Luxembourg-based Arcelor Mittal will receive $300 million in cash and 9.4 million shares of stock for it's mainly European tailored blanks units, known as Tailored Blank Arcelor (TBA), upon the transaction's completion, which is expected in March 2007.
Arcelor will end up owning about 40 percent of Noble's common shares, Noble executives said in a statement. The deal still requires financing as well as shareholder and regulatory approvals, in addition to completion of financial and operational due diligence by both Noble and Arcelor, they added.....
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