STOCKS NEWS AFRICA-ArcelorMittal S.Africa slumps, to declare force majeure

Last Updated: Mon, Feb 11, 2013 13:30 hrs

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1326GMT 11Feb13 -ArcelorMittal S.Africa slumps, to declare force majeure


Shares of ArcelorMittal South Africa slump more than 7 percent after the steel producer says it will declare force majeure within the next 24 hours following the shut down of its Vanderbijlpark plant due to a fire.

The unit of global steelmaker ArcelorMittal says the fire at the plant on Saturday caused extensive damage.

The shares are down 7.24 percent at 32.95 rand.

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1015GMT 11Feb13 - S.Africa's Cipla Medpro plunges on report M&A on hold


Shares in Cipla Medpro drop more than 6 percent on a report that its Indian suitor Cipla Ltd has shelved plans to buy a controlling stake in the South African generic drug firm.

India's Economic Times quotes YK Hamied, chairman of Cipla Ltd, as saying the $215 million deal for 51 percent stake of the nation's third-biggest generic drug maker is on hold.

"South Africa is not the only market for us to grow. Our new CEO will take a call on whether to proceed with the deal or not," the newspaper quoted Hamied as saying.

Shares in Cipla Medpro drop 6.3 percent to 8.81 rand, still above the 8.55 rand Cipla Ltd put on the table in November.

Investors had been betting on sweetened offer for months after Cipla Medpro won a big portion of a government contract to supply HIV/AIDS drugs to state hospitals days after Cipla Ltd announced its bid.

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0940GMT 11Feb13 - S.Africa's Implats falls, sees lower profit


Shares in Impala Platinum fall more than 3 percent as the South African platinum miner says first-half profit likely plunged by as much as 79 percent.

The world's No.2 producer of the white metal, whose results were hit by a writedown of payments it owed, rising costs and lower output, is down 3.12 percent at 160 rand.

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