ArcelorMittal SA

NYSE:MTUnited States

1143 GMT - ArcelorMittal has a chance to consolidate its stake in Calvert joint venture after agreeing to take on Nippon Steel's 50% stake, a move that could be accretive for the Luxembourg-based steelmaker, Citi analysts say in a research note. Should it go ahead, the 50% stake could be valued at between two and four euros a share, Citi estimates. The terms of the agreement are attractive and favor ArcelorMittal more than its Japanese joint-venture partner, the analysts say. The deal is dependent on Nippon Steel following through with its acquisition of U.S. Steel. "In a scenario of successful completion of the proposed transaction, the stock could see an EBITDA accretion between 400-500 million dollars annualised run rate, which could be worth 2-2.5 billion dollars of equity value," Citi says. ArcelorMittal shares trade 0.2% lower to 22.64 euros. (pierre.bertrand@wsj.com)