Vallourec announces that ArcelorMittal has reached an agreement to purchase Apollo's 28.4% voting rights and 27.5% shareholding in its capital, at a price of 14.64 euros per share, representing a total amount of 955 million euros.

According to the Group, this acquisition 'testifies to the scale of the operational turnaround achieved in two years, as well as to the robust prospects for the premium seamless tubes business in the years ahead'.

Completion of the acquisition is scheduled for the second half of 2024, following receipt of the necessary regulatory approvals. ArcelorMittal does not intend to launch a voluntary takeover bid for the remaining Vallourec shares in the next six months.

Vallourec and ArcelorMittal will enter into discussions on a shareholders' agreement, with the steelmaker having two seats on the board of directors upon completion of the transaction (subject to negotiations).

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