Mittal ready to work out bid

Mr Roeland Baan CEO of Mittal Steel Europe is reported to have said that Mittal Steel wants to sit down with Arcelor’s board to get to a friendly bid situation but its offer is not open for discussion. Mr Bann said “Our invitation is open; we are ready to talk; the ball is in their court. We want to discuss how best to bring these two companies together. Nobody, not a single banker or analyst, is denying the industrial logic of the deal, only Arcelor’s board.â€? He reiterated that Mittal Steel wanted to keep Arcelor’s management. “We want to retain as many as possible. We have the highest respect for Arcelor’s management,â€? he said. Even Mr Dolle would be welcome. “He is close to retirement, but it would be good to have him aboard because of his knowledge.â€?

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