ArcelorMittal's IDC takeover talks stall

ArcelorMittal South Africa's talks to sell its local unit to SA's state-owned Industrial Development Corp (IDC) are being held up by differences over the entity's valuation, according to people familiar with the matter.

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While the IDC and ArcelorMittal may still reach an agreement on the fate of ArcelorMittal South Africa (Amsa) before the end of the due diligence period on 30 September, the Luxembourg-based company wants considerably more than was offered, the people said.

Offers of as much as R7 billion for Amsa have been discussed, they said.