Acindar stocks climb 13.3% on purchase offer

The world's number one steel company, ArcelorMittal, has announced that it intends to launch a cash tender offer of $542 millions for 34.7% of the outstanding shares of Acindar it does not currently own. The European group has stated that it plans to offer Acindar shareholders AR$5.75 in cash for each share they hold, representing a 19.5% premium over Acindar's closing stock price yesterday at ARG$4.81.