ArcelorMittal S.A. (NYSE: MT) recently completed the acquisition of 65,243,206 shares, representing approximately 28.4% equity interest in Vallourec. This follows the signing of a Share Purchase Agreement on Mar 12, 2024, and the subsequent approval from relevant antitrust authorities and clearances under foreign investment regulations. The shares were acquired at €14.64 per share from funds managed by Apollo Global Management Inc for a total consideration of approximately €955 million (roughly $1,043 million), subject to the successful completion of the settlement. Following the completion of the transaction, Genuino Magalhaes Christino, chief financial officer of ArcelorMittal, will become the director of Vallourec. Keith Howell, chief operating officer of ArcelorMittal USA, will be appointed as a director of Vallourec as well. Aditya Mittal will take on the role of observer, subject to the successful settlement. ArcelorMittal stated that it does not intend to launch a tender offer for the remaining shares of Vallourec over the next six months but will inform the market if this intention changes. In its comments on the acquisition, ArcelorMittal emphasized Vallourec's strong position as a leading producer of high-quality tubular products within a market segment poised for growth, mainly driven by ...