Dutch financial firm raises target price for Arcelor
ING Groep, the biggest Dutch financial services company, raised its target price for steelmaker Arcelor after a successful bid by Mittal Steel for the Luxembourg-based company.
By Agencies |
LONDON: ING Groep, the biggest Dutch financial services company, raised its target price for steelmaker Arcelor after a successful bid by Mittal Steel for the Luxembourg-based company.
ING lifted Arcelor's target price to 52 euros ($66.53) a share, from 45 euros previously, Paris-based analyst Alain William said on Monday. ING maintained its `buy' rating on the shares of the world's second-largest steelmaker.
Arcelor shareholders last week rejected a merger with Russia's Severstal, leaving Rotterdam-based Mittal clear to create the world's largest steelmaker.
The combination will create a company that employs 333,000 people on four continents and pours 10 per cent of the world's steel, three times more than the nearest rival.
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