Arcelor, Mittal chiefs meeting over merger offer
Leaders of rival steel companies Mittal Steel and Arcelor have met and were to have another meeting on Wednesday to discuss the former's hostile bid for the latter, sources close to Arcelor said.
By Agencies |
PARIS: Leaders of rival steel companies Mittal Steel and Arcelor have met and were to have another meeting on Wednesday to discuss the former's hostile bid for the latter, sources close to Arcelor said.
One source said: "Members of Arcelor's management yesterday met with leaders of Mittal and another meeting is scheduled for today." Arcelor chief Guy Dolle was not present at Tuesday's talks, said the source, declining to reveal where they were held.
Another source close to the European steelmaker said "contacts are under way between the two groups."
Arcelore yesterday vaunted its controversial plans to merge with the Russian group Severstal, a day after formally rejecting Mittal Steel's bid while signalling that it might welcome an improved offer.
Mittal Steel meanwhile dismissed claims that an Arcelor-Severstal tie-up would deliver shareholder value and said Arcelor would "sell itself at a discount to an inferior partner" if the merger was pushed through.
It refused again to improve its offer.
Arcelor calculated that the proposed merger with Severstal valued the Russian group at between 14 and 17 billion euros", according to a document on Arcelor's website.
Mittal Steel's European chief Roeland Bann told reporters in a conference call that "Arcelor shareholders have a simple choice.
"To swap their shares for a Russian company with a 10 million tonne output or accept Mittal's offer which is at a significant premium and will give shareholders a share in a real global leader."
One source said: "Members of Arcelor's management yesterday met with leaders of Mittal and another meeting is scheduled for today." Arcelor chief Guy Dolle was not present at Tuesday's talks, said the source, declining to reveal where they were held.
Another source close to the European steelmaker said "contacts are under way between the two groups."
Arcelore yesterday vaunted its controversial plans to merge with the Russian group Severstal, a day after formally rejecting Mittal Steel's bid while signalling that it might welcome an improved offer.
Mittal Steel meanwhile dismissed claims that an Arcelor-Severstal tie-up would deliver shareholder value and said Arcelor would "sell itself at a discount to an inferior partner" if the merger was pushed through.
It refused again to improve its offer.
ADVERTISEMENT
Arcelor calculated that the proposed merger with Severstal valued the Russian group at between 14 and 17 billion euros", according to a document on Arcelor's website.
Mittal Steel's European chief Roeland Bann told reporters in a conference call that "Arcelor shareholders have a simple choice.
"To swap their shares for a Russian company with a 10 million tonne output or accept Mittal's offer which is at a significant premium and will give shareholders a share in a real global leader."
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
