Arcelor’s chairman Mr Joseph Kinsch told the 22 April edition of De Tijd newspaper that it has not used up all its options in its defense against an unsolicited takeover offer from Mittal Steel. Earlier this month, Arcelor unveiled measures to fend off Mittal Steel’s bid by ring fencing newly acquired Canadian unit Dofasco beyond the reach of the predator and offering its shareholders a higher dividend and an extra EUR 5 billion in cash. The battle comes to a head in the coming weeks, with Arcelor’s annual general meeting of shareholders scheduled for Friday, 28 April. The shareholders should soon have the chance to accept or reject Mittal’s offer, which is expected to become active the following week.
