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Article: Arcelor raises interest in Morocco steelmaker Sonasid in association with SNI and local partners.

Article from:
Middle East
Article date:
June 3, 2006
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Arcelor, 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 have 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.

Sonasid (Societe Nationale de Siderurgie) is the mainstay of Morocco's steel industry, taking the number-one place for long ...

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