CVM MANTÉM SUSPENSÃO DOS NEGÓCIOS COM AÇÕES DA ARCELOR

A Comissão de Valores Mobiliários (CVM) informa que, por decisão da Superintendência de Relações com Empresas – SEP e da Superintendência de Relações com o Mercado - SMI desta autarquia, a suspensão dos negócios das ações emitidas pela Arcelor Brasil S/A na Bolsa de Valores de São Paulo (Bovespa), determinada em 29/06, será mantida.

As duas áreas técnicas da CVM analisaram o requerimento da Arcelor Brasil S.A. apresentado ontem e divulgado pelo sistema de Informações Periódicas e Eventuais (IPE) no site desta autarquia. Tal requerimento, além de dar conta dos esforços de sua administração em obter as informações requeridas pela CVM sobre a operação anunciada entre Arcelor S.A. e Mittal Steel Company N.V., sustenta que (i) as informações sobre a realização, ou não, de oferta pública por alienação de controle teriam sido divulgadas exclusivamente pela Mittal Steel; e (ii) a obrigação de realizar a oferta, se houvesse, seria do adquirente do controle, impedindo que as conseqüências de eventual omissão recaíssem sobre a Arcelor Brasil ou a Arcelor.

A SEP e a SMI entendem que a correspondência da Arcelor Brasil não leva em consideração os seguintes aspectos da transação anunciada entre Arcelor e Mittal Steel:

(i) Arcelor e Mittal Steel celebraram, em 25 de junho de 2006, um Memorando de Entendimentos (“MOU”), disponível no site da Securities and Exchange Commission dos Estados Unidos (“SEC”), detalhando as condições da oferta da Mittal Steel e de sua aceitação pela Arcelor, transformando a oferta hostil de Mittal Steel em operação que conta com o acordo da administração da Arcelor.

(ii) segundo o MOU, todas as comunicações feitas por qualquer das partes (Arcelor e Mittal Steel), inclusive press releases, devem ser aprovadas pela outra parte (“The timing and content of any announcement, press release, or other public statement concerning this MOU or any further agreement entered into between Mittal Steel and Arcelor will only occur upon, and be determined in advance by, mutual agreement and consent of the Parties, unless required by applicable law” – “Public Announcements”, cláusula 32);

(iii) assim, a afirmação de que as partes estão analisando em conjunto a necessidade de realizar uma oferta pública por alienação de controle de Arcelor Brasil e Acesita S.A., divulgada pela Mittal Steel em press release de 25 de junho de 2006, e referido na página da Arcelor na rede mundial de computadores, terá sido aprovada pela Arcelor, na forma do MOU; e,

(iv) a Mittal Steel arquivou na SEC, em 29 de junho de 2006, um aditamento ao prospecto da oferta pelas ações de Arcelor que antes apresentara ("Amended and Restated Exchange Offer Prospectus"), para refletir as novas condições ajustadas no MOU. Tanto desse aditamento quanto do prospecto original, continuam constando afirmações de que será realizada uma oferta no Brasil pelas ações de Arcelor Brasil e Acesita S.A.(ver transcrição abaixo).

A SEP e a SMI entendem, assim, que a relação contratual hoje existente entre Arcelor e Mittal Steel obriga a Arcelor, controladora de Arcelor Brasil, a divulgar as informações requeridas. Além disto, o Estatuto de Arcelor Brasil estabelece claramente que, no caso de alienação indireta do controle de Arcelor Brasil, “a sociedade objeto da aquisição do poder de controle ficará obrigada a declarar à Bolsa de Valores de São Paulo (“Bovespa”) a mudança em seu controle acionário e a sociedade adquirente deste ficará obrigada a declarar à Bovespa o valor atribuído à Companhia nessa alienação” (art. 10 do Estatuto).

Por estas razões, a SEP e a SMI deliberaram manter a suspensão dos negócios com as ações da Arcelor Brasil até o atendimento do ofício enviado à companhia pela SEP, o qual determinava o prazo para o envio das informações e avisava da possível suspensão do papel, caso as informações não fossem disponibilizadas ao mercado (Ofício CVM/SEP/GEA-2/Nº254/2006).

[1] Referências mais expressas podem ser encontradas nas seguintes passagens: “Risk Factors”: “Mittal Steel must make a mandatory tender offer for minority interests in Arcelor’s listed Brazilian subsidiaries at a price determined by independent experts, which may be higher than expected. Arcelor Brasil S.A. and Acesita S.A. are two Brazilian companies listed on the Bolsa de Valores de São Paulo (BOVESPA). Arcelor holds approximately 66% of the outstanding voting stock of Arcelor Brasil S.A. Based on publicly available information Arcelor currently holds, directly or indirectly, approximately 56% of the share capital (consisting of voting common shares and non-voting preferred shares) and approximately 91% of the voting stock in Acesita S.A. Article 254-A of the Brazilian corporation law requires that, in the event of a direct or indirect acquisition of control of a company listed in Brazil, the acquiror must make an offer for all voting shares not already controlled. Assuming that acquisition of control of Arcelor would constitute a change of control of its Brazilian subsidiaries, tender offers for all minority voting shares must be launched within 30 days following the acquisition of control of Arcelor. The offer price must be at least 80% of the part of the overall acquisition consideration, including premium that is fairly attributable to the Brazilian companies. In the case of Arcelor Brasil S.A., its by-laws increase this percentage to 100%. The determination of the price for Arcelor Brasil and Acesita will be made by an independent expert designated by the company and is subject to judicial review at the request of the minority shareholders. Mittal Steel may offer the Brazilian shareholders the same mix of shares and cash as in the Offer or it may offer all cash. These offers would be financed out of one or a combination of existing resources, cash flow and proceeds of new financings. Mittal Steel does not expect to make this decision before the Offer is completed. For purposes of example only, based on (i) the current Arcelor shareholding in the two companies (as set out above), (ii) the respective closing market prices of Acesita S.A. and Arcelor Brasil S.A. voting shares on June 23, 2006 as per Bloomberg (which prices may differ from the fair values of such shares as finally determined in the manner described above), (iii) an offer price equal to 80% and 100%, respectively, of such current market prices, in each case without assigning any premium value related to the Offer, and (iv) the Mittal Steel Reference Share Price of €25.71 ($32.17) used for purposes of calculations in the context of the Offer, the minority interests in these companies would have an aggregate value of approximately €2.8 billion ($3.5 billion), requiring the issuance of approximately 74 million shares and the payment of €0.9 billion ($1.1 billion) in cash if Mittal Steel offers the same mix (i.e., 68.9% and 31.1%) of shares and cash as in the Offer. The issuance of Mittal Steel shares in such an offer would result in dilution of existing shareholders in proportion to their economic interests, and Mittal Steel cannot predict with certainty the values that the independent experts will ultimately assign to the shares of Arcelor Brasil and Acesita. If such values are higher than expected, Mittal Steel will have to finance a higher cash purchase price and possibly issue more shares, resulting in greater dilution” (grifos no original). “The Offer—Required Purchase of Minority Shareholdings in Arcelor Brasil”: “Required Purchase of Minority Shareholdings in Arcelor Brasil S.A. and Acesita S.A., Arcelor’s two Brazilian Subsidiaries Arcelor Brasil S.A. and Acesita S.A. are two Brazilian companies listed on the Bolsa de Valores de São Paulo (BOVESPA). Arcelor holds approximately 66% of the outstanding voting stock of Arcelor Brasil S.A. Following an offer to acquire the voting stock of Acesita S.A. not already owned by it, which closed on April 26, 2006, Arcelor holds, directly or indirectly, approximately 56% of the share capital (consisting of voting common shares and non-voting preferred shares) and approximately 91% of the voting stock in Acesita S.A. Article 254-A of the Brazilian corporation law requires that, in the event of a direct or indirect acquisition of control of a company listed in Brazil, the acquiror must make an offer for all voting shares not already controlled. Assuming that acquisition of control of Arcelor would constitute a change of control of its Brazilian subsidiaries, tender offers for all minority voting shares must be launched within 30 days following the acquisition of control of Arcelor. The offer price must be at least 80% of the part of the overall acquisition consideration, including premium, that is fairly attributable to the Brazilian companies. In the case of Arcelor Brasil S.A., its by-laws increase this percentage to 100%. The determination of the price for Arcelor Brasil and Acesita will be made by an independent expert designated by the company and is subject to judicial review at the request of the minority shareholders. Mittal Steel may offer the Brazilian shareholders the same mix of shares and cash as in the Offer or it may offer all cash. These offers would be financed out of one or a combination of existing resources, cash flow and proceeds of new financings. Mittal Steel does not expect to make this decision before the Offer is completed. For purposes of example only, based on (i) the current Arcelor shareholding in the two companies (as set out above), (ii) the respective closing market prices of Acesita S.A. and Arcelor Brasil S.A. voting shares on June 23, 2006 as per Bloomberg (which prices may differ from the fair values of such shares as finally determined in the manner described above), (iii) an offer price equal to 80% and 100%, respectively, of such current market prices, in each case without assigning any premium value related to the Offer, and (iv) the Mittal Steel Reference Share Price of €25.71 ($32.17) used for purposes of calculations in the context of the Offer, the minority interests in these companies would have an aggregate value of approximately €2.8 billion ($3.5 billion), requiring the issuance of approximately 74 million shares and the payment of €0.9 billion ($1.1 billion) in cash if Mittal Steel offers the same mix (i.e., 68.9% and 31.1%) of shares and cash as in the Offer.” (grifos no original)