NEW YORK (AP) -- Robert J. Skandalaris has resigned as chairman of Noble International Ltd. following the sale of nearly his entire stake in the automotive parts supplier to ArcelorMittal in conjunction with a debt financing deal.
In a filing with the Securities and Exchange Commission Tuesday, the world's largest steel producer said it bought about 2.4 million shares held by Chairman Robert J. Skandalaris, members of his family and certain affiliates for $14 apiece on Monday.
Skandalaris now owns 41,904 shares, or a 0.2 percent stake in the company he founded. ArcelorMittal has the option to buy out Skandalaris' remaining stake for $14 a share within 60 days, according to the filing.
ArcelorMittal, Noble's largest supplier, customer and shareholder, agreed last month to provide $50 million in debt financing to the Warren, Mich.-based company and buy out Skandalaris' stake. Skandalaris agreed to resign as chairman following the closing of the stock sale.
Skandalaris will resign as a director following the company's filing of its annual report with the SEC, which has been delayed due to a review of certain accounting methods. No date for the filing has been set.
Noble shares slipped 21 cents to close at $6.60.