Mittal Steel has launched its offer to Arcelor shareholders on 18 May 2006. The offer will close on 29 June. Mittal is offering four of its own shares plus EUR 35.25 in cash for every five Arcelor shares. The cash element is being reduced to EUR 30 to reflect Arcelor’s recent decision to pay an increased dividend. It may be reduced further if Arcelor goes ahead with a plan to buy back some 150 million shares worth a total of EUR 5 billion; a decision on this is expected on 19 May 2006.