Mittal may have to improve bid

Financial analysts have opined that Mittal Steel is coming under increased pressure from fund managers and steel analysts to raise its bid for Arcelor as its effort to acquire it enters a crucial phase. Although Mittal Steel has been adamant it has no plans to raise the offer. However, most onlookers believe that Mr Mittal, if he has any intention of changing the terms of the offer, would contemplate such a move only after the documents have gone to shareholders. Mittal Steel’s team along with their banker’s hope to send the bid documents related to the proposed transaction Arcelor shareholders by 28 April, when Arcelor holds its annual meeting for shareholders in Luxembourg.

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