ArcelorMittal and South Africa’s biggest development finance institution have resumed talks over the potential acquisition of the Luxembourg-based steel giant’s operations in the African country, after failing to lure other suitors. The Industrial Development Corporation (IDC) will submit a nonbinding offer for the business, said the people, who asked to not to be identified because the information is still private. Late last year, talks between the parties fell apart without a deal after ArcelorMittal didn’t accept an informal proposal of about R8.5-billion, which would have included the repayment of R7-billion in debt to the South African unit’s parent.
