AFX has quoted a spokesman of Arcelor as saying that the control of Arcelor will not change once its merger with Mittal is completed. According to the source, under the merger agreement between Arcelor and Mittal, Arcelor’s current shareholders will have 50.5% to 50.6% of the new entity Arcelor-Mittal from the moment it is created. Arcelor considers control to be 50% plus one share. The spokesman is quoted as saying that Mittal Steel will also not control Arcelor-Mittal’s board of directors as it will have only six of the 18 seats.
