Live
- MP Laxman Criticizes Police Conduct, Calls for Support for Victims' Families
- Fire Breaks Out in Kachiguda-Chennai Egmore Express, Passengers Evacuated Safely
- CM Revanth Reddy Condemns Attacks on Film Personalities' Homes, Calls for Strict Action
- Victory Venkatesh and Nandamuri Balakrishna to Set Screens on Fire with Unstoppable Season 4
- Over 71.81 crore Ayushman Bharat Health Account numbers generated: Centre
- In special gesture, Kuwait's Prime Minister sees-off PM Modi at airport after conclusion of historic visit
- Veer crowned PGTI Ranking champion, Shaurya wins emerging player honour
- Sr National Badminton: Unseeded Rounak Chauhan, Adarshini Shri reach singles semis
- Punjab seeks central assistance to strengthen security in areas adjoining Pakistan
- Malaysian national held from Tamil Nadu for cyber fraud of Rs 2.81 crore
ArcelorMittal SA turns down buyout offer
Arcelor MittalSouth Africa (AMSA) has rejected a 19-billion rand buyout offer by local firm Networth Investments.
Johannesburg : Arcelor MittalSouth Africa (AMSA) has rejected a 19-billion rand buyout offer by local firm Networth Investments. Networth had planned to transform the country’s struggling steel industry with green technology and more profitable stainless-steel production based on models in India.
Networth CEO Harold Vermaak told the daily Business Report that his company had put in an offer to buy out Arcelor Mittal Group’s 60 per cent shareholding in AMSA, and around 2 per cent of AMSA’s shares held by other foreign investors, in a leveraged buyout. However, a spokesperson of ArcelorMittal told the daily, “the correspondence (it had received from Networth Investments) does not reflect a firm or a bona fide offer. There is, therefore, no offer to be considered”.
Vermaak said that the strategy was to convert AMSA over time so that it ceases to produce low-value-priced products, and rather produces higher value products such as stainless steel.
