LNM Holdings has secured effective control of SA steel producer Iscor and will increase its investment in the company to R4,2 billion.
LNM Holdings, a member of the world's second-largest steel producer, has secured effective control of Iscor and will increase its investment in the company to R4,2 billion.
CARtoday.com reported on Tuesday that LNM Holdings had sought to increase its stake in Iscor and planned to boost the South African manufacturer’s role in the motor industry with the addition of new-generation technology.
On Wednesday, LNM won the chance to increase its stake in Iscor to 47 per cent without being forced to make a mandatory offer once its shareholding exceeded 35 per cent.
According to Iscor announced that 54,72 per cent of minority shareholders had voted in favour of a resolution to waive their rights to a full mandatory offer.
"I think shareholders have recognised the strategic value that LNM Holdings bring to Iscor," Aditya Mittal, the vice-chairman of LNM Holdings, said. "We expect all shareholders to tender their shares."
Aditya's father, Lakshmi Mittal, the owner of the LNM Group, said approval was "another step forward in taking Iscor to the next global level".
"Now that we have secured control, we will bring in some of our technologies to help improve Iscor's market share in the automotive and home appliance industries," he said.
Original article from Car