ArcelorMittal announces closing of its first share buyback program and commencement of a second program
March 04 2021 - 11:35AM
04 March 2021 17:35 CET
ArcelorMittal today announces that it has completed
the share buyback program announced on 15 February 2021 under the
authorization given by the annual general meeting of shareholders
of 13 June 2020 (the ‘AGM Authorization’). By market close on 3
March 2021, ArcelorMittal had repurchased 27,113,321 million shares
for a total value of approximately €536,570,952.53 (equivalent to
US$649,999,934.95) at an approximate average price per share of
€19.79. All details are available on the Company’s website at:
https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-program.
As also announced on 15 February 2021,
ArcelorMittal will today commence a second share buyback program
(the ‘Program’) for an aggregate amount of US$570 million, in-line
with the Company’s new capital returns policy published on 11
February 2021 in the Company’s fourth quarter and full year 2020
financial results. This share buyback program will be completed by
31 December 2021.
The shares acquired under the Program are
intended:
- to meet ArcelorMittal’s obligations under debt obligations
exchangeable into equity securities, and/or;
- to reduce its share capital.
ArcelorMittal intends to repurchase shares for
an aggregate maximum amount of US$570 million in accordance with
the AGM Authorization and applicable market abuse regulations. The
Program will commence today [1].
[1] The Significant Shareholder has declared
its intention to enter into a share repurchase agreement with
ArcelorMittal, to sell each trading day on which ArcelorMittal has
purchased shares under the Program, an equivalent number of shares,
at the proportion of the Significant Shareholder’s stake in the
Company of 36.34% of issued and outstanding shares of
ArcelorMittal, at the same price as the shares repurchased on the
market. The effect of the share repurchase agreement is to maintain
the Significant Shareholder’s voting rights in ArcelorMittal’s
issued share capital (net of treasury shares) at the current level,
pursuant to the Program.
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