May 11, 2009
17:45 EDT NOBL, MT theflyonthewall.com: Noble International to sell European business to Arcelor Mittal
On May 8, Noble International (NOBL) entered into a Purchase Agreement with ArcelorMittal (MT). The Purchase Agreement contemplates the sale of the company's European business, consisting of the shares of Noble European Holdings, together with the direct and indirect holdings and assets of Noble BV. The Transferred assets include all of the direct and indirect wholly-owned subsidiaries of Noble BV, as well as its interest in certain joint ventures in India, China and Silao, Mexico. The Transferred assets do not include Noble BV's 49% equity interest in Sumisho Noble Co., or the company's 50% equity interest in WISCO Noble Laser Welding Technology Co. As consideration for the Transferred assets, ArcelorMittal will (a) accept the transferred assets subject to approximately €80M in borrowed money at the closing, (b) deliver $2.1M to the company by wire transfer or other immediately available funds at the closing and (c) allow the company to retain any consideration received by Noble BV for the transfer of the Thailand joint venture prior to closing
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