World's largest steel producer ArcelorMittal today said it has sold 78 per cent stake in European port handling and logistics company ATIC Services SA (ATIC) to Netherlands-based HES Beheer NV for an undisclosed sum.
"ArcelorMittal and HES Beheer NV have signed a sale and purchase agreement for the sale of ArcelorMittal's 78 per cent stake in European port handling and logistics company ATIC Services S A to HES Beheer," the steelmaker said in a statement.
The transaction is subject to the customary closing conditions and is expected to be completed in June 2014, ArcelorMittal said.
It added that "the transaction is consistent with ArcelorMittal's stated strategy of selective divestment of non-core assets", but did not disclosed the value of the transaction.
HES Beheer, which offers port services for bulk products, currently holds 22 per cent in ATIC and after the transaction with ArcelorMittal, it would have 100 per cent ownership.
HES Beheer provides stevedoring, storage, processing services for dry and liquid bulk products, which includes raw materials for industries like energy, steel and aluminium.
The HES group companies handle 60-70 million tonnes of products a year and its activities are mainly concentrated in the Netherlands.
ATIC Services is a European leader covering the entire logistics chain associated with the coal activity, bulk logistics as well as iron and steel products.