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ArcelorMittal acquires call options to hedge 5% convertible bonds
By Jennifer Chiou
New York, Dec. 28 - ArcelorMittal announced the purchase of some call options in order to hedge the potential conversion of its 5% dollar-denominated convertible bonds due May 15, 2014.
After reopening its share buyback program, the company bought on Dec. 18 dollar-denominated call options on 26,533,997 of its shares with a strike price of $30.15 per share.
In other news, the company also entered into an agreement to sell 11.5 million treasury shares at $37.8682 per share for settlement on Dec. 30.
ArcelorMittal is a Luxembourg-based steel maker with U.S. headquarters in Chicago.
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