Mr Guy Dolle, CEO of Arcelor, declared on 6 March 2006 that Mittal Steel has no chance to succeed in its takeover bid with its current bad offer, but added that Arcelor’s board would have to consider an all cash proposal on the sidelines of conference. Mr Dolle said an overwhelming majority of the Arcelor shareholders his company has met, representing about half of Arcelor’s shares, still oppose the cash-and-stock offer. Speaking to reporters earlier, Mr L Schorsch CEO of Mittal Steel US said that Mittal Steel’s current offer should be sufficient despite continuing opposition to the deal in Europe. He said the price already is up by more than 30% from the amount set before the cash and stock deal was announced in January because of the rise in the two companies’ shares. Arcelor pledges to thwart the deal through its shareholders, who will have the final say, while Mittal Steel has mounted a campaign touting its benefits to both the shareholders and the European countries where Arcelor’s mills are based.
