The investment fund Chequers Capital has made to Arcelor Group an offer subject to a certain number of conditions (notably the obtention of the authorisation of the anti-trust authorities) with a view to acquiring 36% of the share capital held by Arcelor Group, through Produits d’Usines Métallurgiques (PUM), in IMS - International Métal Services for a price of 5 euros per share.


Under this offer, Chequers Capital also proposes to Arcelor Group to take a minority stake, for a total amount of 9 million euros, in the share capital of the acquisition vehicle to be set up and controlled by Chequers Capital. Furthermore, Chequers Capital wishes that Arcelor subscribe to bonds with share warrants attached to be issued by the acquisition vehicle for a total amount of 9 million euros.


On the basis of the terms set out in the offer, Arcelor Group has accepted to start exclusive negotiations with Chequers Capital with a view to reaching an agreement which could only be entered into after the implementation of the applicable procedures with the corporate bodies and the representatives of the personnel of Arcelor Group.


Merrill Lynch International, which holds approximately 15% of the share capital of IMS, has been contacted by Chequers Capital and has indicated that it wishes to enter into negotiations with Chequers Capital for the purpose of selling its stake for a price of 5 euros per share. In this context, Merrill Lynch International has granted an exclusivity of negotiations to Chequers Capital with respect to the possible sale of its stake in the share capital of IMS, such sale to take place at the request of Chequers Capital simultaneously with the sale by Arcelor Group of its stake.


In the event that the stakes held by Arcelor Group and Merrill Lynch International were acquired granting the acquisition vehicle the majority of the shares and voting rights in IMS, the acquisition vehicle would launch a market transaction in order to acquire the remaining shares of IMS held by the public, in accordance with the applicable regulations.


Chequers Capital does not contemplate filing a buy-out offer followed by a squeeze out at the end of this market transaction.
Arcelor is the world's largest steel producer, with a turnover of 25.9 billion euros and shipments of 40.2 million metric tons of steel in 2003. Employing 98,000 employees in over 60 countries, the company is a major player in all its main markets: automotive, construction, household appliances and packaging as well as general industry.

Dit wilde misschien de heer Usmanov met Corus ook doen, goede bericht ook voor de Corus aandeelhouders. Er komt interesse voor de Staalindustrie.