LONDON ArcelorMittal SA
has agreed to sell its 50-percent stake in South Africas
Kalagadi Manganese (Pty) Ltd. to Daphne Mashile-Nkosi or her
nominee for 3.9 billion rand ($441 million), the company said
Mashile-Nkosi is executive
chairwoman of Kalahari Resources (Pty) Ltd., which owns 40
percent of Kalagadi Manganese. Luxembourg-based ArcelorMittal
has been in contention with Johannesburg-based Kalahari over a
shareholder agreement since June.
could be a consortium consisting of Kalahari Resources
shareholders or other third parties, ArcelorMittal said.
ArcelorMittal will receive a
cash consideration of no less than 3.9 billion rand. The
proposed transaction is subject to financing arrangements.
The share purchase agreement was
arranged Nov. 14. Upon completion of the transaction, Kalahari
Resources will hold a 40-percent interest in the
Johannesburg-based company, while Mashile-Nkosi or her nominee
will hold 50 percent.
The remaining 10-percent
interest will continue to be held by Sandton, South
Africa-based Industrial Development Corp. of South Africa
Completion of the planned
transaction will also be subject to the waiver of pre-emptive
rights of the other shareholders, as well as corporate and