In an interview published in Le Figaro, Arcelor CEO Mr Guy Dolle said that Arcelor is worth five to six times expected EBITDA at EUR 33.7 billion to 40.7 billion and that is much more than the EUR 20.5 billion bid by Mittal Steel. Mr Dolle said “The value of Arcelor is much higher that the Mittal Steel’s proposal. We have announced a target EBITDA of EUR 7 billion and you have to apply the current market multiples for our industry, which are between five and six, and deduct our debt. The difference is considerable.” Arcelor was up 2 by 2.5% at EUR 33.41 and Mittal Steel gained 5.9% to EUR 30.96. The Mittal bid values Arcelor at EUR 31.25 per share, before dividend adjustments.
