ArcelorMittal Becomes Anchor Shareholder of Vallourec

Vallourec has confirmed the acquisition of Apollo funds' stake by ArcelorMittal at €14.64 per share, totaling €955 million. Post-acquisition, ArcelorMittal holds 28.4% of voting rights and 27.5% of share capital of Vallourec.

The shareholder agreement with Apollo funds is now terminated. Vallourec and ArcelorMittal have entered into a new agreement, details of which will be shared with the French Financial Markets Authority.

Director changes include the resignation of Gareth Turner and the appointments of Genuino Magalhaes Christino and Keith James Howell as new directors. Aditya Mittal will also join as an observer.

Thanks to the New Vallourec plan initiated in May 2022, the Group has experienced strong results, reducing net debt significantly. Vallourec aims for zero net debt by the end of 2025 and plans shareholder returns thereafter.

ArcelorMittal has stated no intention of launching a tender offer for the remaining Vallourec shares within the next six months.