INDIA BUSINESS WORLD - March 16th - March 31st - 2008
ARCELORMITTAL UPS STAKE IN NOBLE TO 50%
ARCELORMITTAL, the world’s largest steelmaker, said that it will increase to 49.95% its stake in Noble International, a provider of parts, component assemblies and services to the auto industry.
ArcelorMittal said it will boost its stake by acquiring 10.31% of Noble’s shares from Robert Skandalaris, Noble’s chairman and founder. The transaction requires completion of some unspecified conditions.
Separately, ArcelorMittal confirmed that it has provided Noble with a $50 million convertible subordinated loan, which Noble will use to reduce its North American senior debt and run its business.
Noble, with offices in Troy, Michigan, has a market value of about $163 million, according to Reuters data. It previously said the convertible loan closed on March 20.
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