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9 March 2006 - Gide Loyrette Nouel advises Société Nationale d’Investissement (SNI)
regarding its strategic partnership with Arcelor for the development of Société Nationale de Sidérurgie (Sonasid):
The agreement between Arcelor, SNI and the reference shareholders of Sonasid provides, inter alia, that:
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subject to the fulfilment of a number of conditions precedent, Arcelor, SNI and the reference shareholders (MAMDA-MCMA, Axa Assurances Maroc, RMA-Watanya, CIMR, and Attijariwafabank) will pool their respective equity stakes in Sonasid by transferring them to a holding company specifically incorporated for the purpose;
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Arcelor will subscribe for a reserved all-cash capital increase after which the holding company's capital will be distributed equally to Arcelor and the group of shareholders comprising SNI and the current reference shareholders of Sonasid;
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at the end of this stage, the holding company will own around 65% of Sonasid's capital. |
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In compliance with the Moroccan stock exchange regulations, the holding company will then make a take-over bid for the remaining Sonasid shares.
The conditions for this take-over bid will be the same as the transfers of shares by the investors to the holding company (i.e. MAD 1,350 per share), subject to a decision of the Moroccan regulatory authority, Conseil Déontologique des Valeurs Mobilières, confirming the admissibility of the bid. Accordingly, Sonasid will be valued at around € 480 million.
SNI was advised by Gide Loyrette Nouel (Hicham Naciri, partner, and Thomas Urlacher).
Arcelor was advised by UGGC & Associés (Patrick Larrivé, partner, and Samuel Schmidt).
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