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Article: Arcelor Raises Interest in Morocco Steelmaker Sonasid in Association with SNI and Local Partners.
- Article from:
- Business Wire
- Article date:
- June 1, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LUXEMBOURG & CASABLANCA, Morocco -- On 31 May 2006, Arcelor (ISIN:LU0140205948) (Pink Sheets:ARLOF) (Paris:LOR), Societe Nationale d'Investissement (SNI, Morocco) and the other main shareholders of Sonasid (Societe Nationale de Siderurgie) including MAMDA-MCMA, Axa Assurances Maroc, RMA-Watanya, CIMR and Attijariwafa bank transferred their interests in Sonasid to an ad hoc holding company on the basis of a price of MAD 1,350 per Sonasid share. The transactions were pursuant to the strategic partnership for the development of Sonasid agreed on by these companies on March 3, 2006. The holding company now owns 64.86% of Sonasid's equity.
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