Tag: Mittal Steel

Arcelor Mittal has won the latest rounds of a legal battle with hedge funds and other investors over the offer terms for shares in Arcelor SA it doesn't already own.

Mittal Steel has announced that several changes have been announced by the company. Mr Aditya Mittal, who had resigned from the board of the South African company, will be replaced by Mr Malay Mukherjee.

Mittal Steel has announced the appointment of Mr Enrico Mario Reato as CEO of Mittal Steel South Africa with effect from 15 September 2006.

Mittal Steel Co. (Mittal) has announced on 28 August 2006 the final results of its offer for Arcelor securities, following completion of the centralization of tenders in the subsequent offering period which ran from 27 July through 17 August in Belgium, France, Luxembourg, Spain and the USA.

Mr Gonzalo Urquijo CFO of Arcelor said that it is legally not possible for the combined Arcelor-Mittal group to sell Canada's Dofasco as Mittal Steel wishes.

Mittal Steel has announced that, while the global centralizing agent for the offer is still in the process of verifying and counting the Arcelor securities tendered in the Offer, it has determined that, on a preliminary basis and based on statements made by financial intermediaries, the minimum tender condition of the offer ie 50% of Arcelor outstanding shares on a fully diluted basis as set forth in the Offer prospectus, as supplemented has been met.

Pursuant to applicable Luxembourg law, Mittal Steel informs the market that, to its knowledge, as of 12 July 2006, one day prior the closing of the offer, after closing of the markets in Europe, 109,306,317 Arcelor shares and 4,744,432 Arcelor convertible bonds have been tendered in its offer for such securities.

Reuters has reported that after the merger of Arcelor with Mittal Steel, Mittal Steel chairman Mr LN Mittal would be the chairman of the new entity after a year when the present incumbent ends his term.

Russian Itar-Tass has reported that an association of shareholders from Arcelor labour collectives said on 27 June that they would vote for a merger with Russia’s Severstal on 30 June.

Arcelor’s board of directors will decide the fate of Canadian steelmaker Dofasco, according to Mittal Steel CFO Aditya Mittal.