ArcelorMittal said it has signed a an agreement to sell its 78-percent stake in the European port handling and logistics company ATIC Services to H.E.S. Beheer, the owner of the other 22 percent of the company.
“The transaction is consistent with ArcelorMittal’s stated strategy of selective divestment of non-core assets. The transaction is subject to the customary closing conditions, including but not limited to competition clearance, and is expected to be completed in June 2014,” said the Luxembourg-headquartered company.
The decision to sell ATIC comes a little more than two years after the European Commission cleared the acquisition of ATIC Services Group of France by ArcelorMittal Netherlands BV
. At that time, the regulator noted that "although ATIC has significant market shares in certain areas of the European Union for seaport terminal services for imports of iron ore and coal, key inputs for steel production, the commission concluded that ArcelorMittal would have neither the ability nor the incentive to prevent its steel competitors from importing iron ore and coal to an extent that would affect competition in the EU."