The United Arab Emirates' state-owned General Holding Corporation (Senaat) has offered Arkan Building Materials the opportunity to combine Senaat's subsidiary Emirates Steel with Arkan, Arkan Building Materials said on Sunday May 9.
Emirates Steel - based in Abu Dhabi, UAE - is the country's only integrated steel producer and is wholly owned by Senaat, with Arkan's 51% of shares belonging to Senaat and 49% of shares held publicly and traded on the Abu Dhabi Stock Exchange.
Emirates Steel has a crude steel capacity of 3.5 million tonnes per year - making it the biggest steel producer in the UAE - and produces rebar, wire rod, steel heavy sections and steel sheet pile.
Arkan Building Materials owns companies in the construction-related sectors, including cement and concrete products, in the UAE, Fastmarkets understands.
If the transaction...