ArcelorMittal reaches agreement to buy Apollo’s stake in Vallourec for €955 million; synergies expected
Morgan Stanley| Arcelor Mittal (MTS) has reached an agreement to purchase Apollo’s stake in Vallourec (French steel tube manufacturer), equivalent to 65.2 million shares (28.4%) for a total of €955 million. The acquisition is expected to be completed in 2H24, once all regulatory approvals are in place. Alain Gabriel acknowledges that the purchase has been concluded at a reasonable valuation, but expects more clarity on the extent of synergies and/or…