South Africa’s IDC reportedly reaches initial $610 million agreement to take over ArcelorMittal’s local unit

Bloomberg, citing people familiar with the matter, reports South Africa’s Industrial Development Corp. reached an initial agreement to take over ArcelorMittal’s local unit for about 10 billion rand ($610 million). The proposed offer includes about 3 billion rand in cash and the assumption of about 7 billion rand in debt. The Economic Times, carrying a PTI report, says the deal is targeted for completion by the end of 2026, pending a shareholder vote.