Mittal Steel will officially launch its takeover bid for European steel giant Arcelor in two weeks’ time, chief executive Mr Lakshmi Mittal has confirmed. A tie-up would give the two firms 10% of the world’s total steel output. The cash and stock offer is estimated to be worth EUR 20.5 billion and will need approval from European regulators. If it wins approval, Arcelor investors will have 35 days to accept the offer. Mr Mittal made the comments following a meeting with Belgian Prime Minister Guy Verhofstadt to discuss the deal. The country’s French-speaking Wallonia region owns a 2.4% stake in Arcelor, and has not yet decided whether to sell its holding.
