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__Arcelor Mittal to Boost Its Stake in China's Valin (Update1) By Xiao Yu   Steel smelter in Anhui Province, China
July 21 (Bloomberg) -- Arcelor Mittal, the world's largest steelmaker, was cleared to pay about 1.15 billion yuan ($151 million) to increase its stake in Hunan Valin Steel Tube & Wire Co. to tap growth in the world's biggest steel market. The Ministry of Commerce approved Valin Steel's plan to sell 49.3 percent of 520 million new shares to Arcelor Mittal, the Chinese steelmaker said in a statement to the Shenzhen Stock Exchange today. Arcelor Mittal will hold 33.3 percent of Valin Steel, from 29.5 percent now, after the share sale is completed. China, the world's fastest-growing major economy, is the largest maker and user of steel as companies construct more buildings and autos. Arcelor Mittal, which pours 10 percent of the metal worldwide, has been targeting growth in Asia, including China and India, the world's two most populous countries. Shares of Valin Steel rose 5.9 percent to 9.20 yuan in Shenzhen yesterday. Valin Steel's first-half profit may have climbed as much as 150 percent as production rose and prices increased, the Changsha, Hunan province-based company said on July 11. The company will raise 2.3 billion yuan in proceeds from the share sale to buy steel plants from its parent Hunan Valin Iron & Steel Group, and increase output of steel plates to 1.8 million tons from 1.4 million tons, the company said March 6. To contact the reporter on this story: Xiao Yu in Beijing at yxiao@bloomberg.net "Weitere Übernahmen: Belgo Mineira, leider nur in Portugisisch die News hier zu finden. Dort fiondet gerade das Börsendelisting statt und Squeeze out ist angekündigt. Der Ges. gehört bereits 98,5 %." Last Updated: July 21, 2007 01:42 EDT __________________________________________________ "Malo mori quam foederari - Lieber sterben als sich entehren"
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