Arcelor Mittal and Noble International Ltd (Noble), North America’s largest producer of laser-welded steel products, have agreed to combine their laser-welded tailored blanks businesses. Arcelor Mittal is to become the largest stockholder of Noble following the closing of the transaction. On 27th October 2006 Noble and Arcelor SA signed a binding Letter of Intent for the combination of Arcelor’s laser-welded tailored blank business (TBA) with Noble. Upon completion of the transaction, Arcelor Mittal would receive USD 300 million in a combination of cash and 9,375,000 shares of Noble common stock, and would become Noble’s largest stockholder, owning approximately 40% of the issued and outstanding common shares. Closing of the transaction is expected in March 2007, following satisfactory completion of due diligence by both parties, Noble’s financing, and receipt of all required authorizations, including approval by Noble’s stockholders and antitrust clearance.
