French pipeline manufacturer rewarded after steel giant's entry
Acelormittal has acquired approximately 28% of the shares in Vallourec from the private equity firm Apollo.
by MARKETWIRE
French Vallourec, which specializes in various steel products and especially pipelines, is booming on the Paris stock exchange on Wednesday after steel giant Arcelormittal bought a large stake in the company.
Acelormittal has bought about 28% of the shares in Vallourec from the private equity firm Apollo, and the acquisition has been well received by investors.
The Vallourec share price rose by 7.7% to EUR 15.98 on Wednesday afternoon.
The shares were bought for EUR 955m, which corresponds to exactly 28% of the market value of EUR 3.41bn at closing time on Tuesday.
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