Arcelor to make IPO for Oriental

HONG KONG: ArcelorMittal on Friday said that it intends to make a general offer for all of the shares in China Oriental Group that it does not own after a ruling by Hong Kong's securities regulator.

The offer price will be at least HK$6.12 ($0.79) a share, the price at which ArcelorMittal bought a 28.02% stake, or 820 million shares, in China Oriental last month, the Luxembourg-based company said in a statement.

ArcelorMittal would also maintain China Oriental's listing on the Hong Kong stock exchange, it said. Under Hong Kong listing rules, ArcelorMittal is obliged to make a general offer for the rest of China Oriental.