ArcelorMittal sells Oriental stake to keep lising

HONG KONG, May 2 (Reuters) - The world's top steelmaker, ArcelorMittal (ISPA.AS: Quote, Profile, Research, Stock Buzz)(MT.N: Quote, Profile, Research, Stock Buzz), has agreed to sell a 17.4 percent stake in China Oriental Group (0581.HK: Quote, Profile, Research, Stock Buzz) to two banks for about $378 million to meet the Hong Kong stock exchange's 25 percent minimum free float requirement.

ArcelorMittal's unit Mittal Steel, which held 47 percent of the Chinese steel maker before the deal, has also granted the two banks, ING Bank and Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz), 36-month put options to sell the shares back to Mittal, the companies said in a joint statement on Friday.

ArcelorMittal made a general offer for China Oriental shares last December after it agreed with China Oriental's controlling shareholders to raise its stake eventually to 73.13 percent.

Mittal has signed deals to sell a 9.9 percent stake in China Oriental to ING Bank for HK$1.68 billion ($215.6 million) and 7.5 percent to Deutsche Bank for HK$1.27 billion.

The sale price of about HK$5.79 per share represents a 3.60 percent discount to the stock's last close of HK$6.01 on Feb 4.

After the share sale, Mittal Steel's interest in China Oriental will be lowered to 29.63 percent and controlling shareholders of China Oriental will maintain their holdings of 45.07 percent.

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The company said it would apply to the stock exchange for a trading resumption after the stock was suspended in February, pending restoration of the company's public float. ($1=HK$7.793) (Reporting by Alison Leung; Editing by Keiron Henderson & Anne Marie Roantree)