Arcelor buys Chinese steel maker

ArcelorMittal, the world8217;s largest steel maker, has raised its stake in the China Oriental Group to more than 73 per cent from 28.03 per cent. The company paid HKD 6.12 a share for the 28.03 per cent stake earlier this month, it informed the exchanges. According to estimates, the 73 per cent holding would be worth 1.7 billion. Company officials were not available for comment.

Arcelor had bought the initial stake for 647 million from China Oriental8217;s former executive director, Chen Ning-ning, after her unsuccessful bid to buy out the company in August. Han Jiang-yuan, China Oriental8217;s chairman and largest shareholder with 45 per cent share, had rejected Chen8217;s offer of HKD 2.90 a share. The stock last traded at HKD 5.40 on November 6, when trading was suspended.