Arcelor, Mittal to hold press meet in Luxembourg
Arcelor-Mittal will hold a press conference on Monday at Arcelor's headquarters here at 1730 hrs IST on Monday to highlight the broader issues that led to one of the biggest mergers in the steel industry.
By PTI |
LUXEMBOURG: Arcelor-Mittal will hold a press conference on Monday at Arcelor's headquarters here at 1730 hrs IST on Monday to highlight the broader issues that led to one of the biggest mergers in the steel industry.
After intense negotiations for about eight hours last evening, Arcelor SA announced acceptance of Mittal's improved bid by 10 per cent to 25.9 billion euros ($32.4 billion) that would create an entity three times bigger than its nearest rival.
The Arcelor Board will recommend the new offer of Mittal Steel, which would now be placed before shareholders for approval.
While weighing Mittal's offer, which was till recently considered as unfriendly and hostile by its acquisition target, Arcelor Board preferred Mittal over Russian steel giant OAO Severstal, whose chief Alexei Mordashov lamented that he was not heard by Arcelor.
After intense negotiations for about eight hours last evening, Arcelor SA announced acceptance of Mittal's improved bid by 10 per cent to 25.9 billion euros ($32.4 billion) that would create an entity three times bigger than its nearest rival.
The Arcelor Board will recommend the new offer of Mittal Steel, which would now be placed before shareholders for approval.
While weighing Mittal's offer, which was till recently considered as unfriendly and hostile by its acquisition target, Arcelor Board preferred Mittal over Russian steel giant OAO Severstal, whose chief Alexei Mordashov lamented that he was not heard by Arcelor.
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