05:00 AM EDT, 08/06/2024 (MT Newswires) -- ArcelorMittal ( MT ) said Tuesday it completed its acquisition of about 65.2 million shares or 28.4% stake in Vallourec from funds managed by Apollo Global Management for about 955 million euros ($1.04 billion).

Following the acquisition, ArcelorMittal ( MT ) Chief Financial Officer Genuino Christino and Chief Operating Officer Keith Howell will join Vallourec's board.

The company also said it does not plan to make a tender offer for Vallourec's remaining shares over the next six months but will update the market if this changes.