Mittal to press ahead with bid for Arcelor

Mr LN Mittal vowed to press ahead with his bid to acquire Arcelor, despite plans by Arcelor to merge with Severstal saying that his offer made more sense for shareholders, offered better value to shareholders and would create a stronger industrial group. LN mittal told French daily Le Figaro “We are determined to complete our approach to Arcelor. It is in the interests of all the shareholders and all the parties involved, in both financial and industrial terms.” Mr Mittal condemned the Arcelor-Severstal deal and rejected claims by Arcelor management that it valued the group at EUR 44 per share. He said it would open the way for Mr Alexei Mordashov, who will take a 32% stake in Arcelor through the deal, to assume full control of the group. Mr Mittal said “It is a creeping takeover done in fact below the current share price of Arcelor. If Mr Mordashov wants to take control of Arcelor, he has to launch an offer for the whole of its capital with a premium for shareholders.”

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