ArcelorMittal, the world’s largest steelmaker, has sold its 78% stake in ATIC Services SA, a European port handing and logistics company, to Netherlands-based HES Beheer NV.
The deal, part of the steel giant’s strategy of divesting non-core assets, means that HES, which already owned 22% of the business, now has 100% ownership.
"ArcelorMittal and HES Beheer NV have signed a sale and purchase agreement for the sale of ArcelorMittal's 78% stake in European port handling and logistics company ATIC Services S A to HES Beheer," the steelmaker said in a statement.
There is a strong synergy between ATIC and HES as the former’s strength in coal industry logistics matches well with HES’ expertise in stevedoring, storage and processing services for dry and liquid bulk products – including raw materials for the steel industry.
HES handles between 60 and 70Mt of products annually based mainly in the Netherlands.
The deal will complete in June 2014.