Tag: Mittal Steel

Mittal Steel said it's willing to revise its EUR 22.8 billion bid for Arcelor SA following the first contact between the company's executives since the offer was announced more than three months ago.

Reuters has reported that the European Commission will extend by 10 working days its review of Mittal Steel's unsolicited EUR 20 billion bid for Arcelor citing a source familiar with the situation.

Mittal Steel has been named General Motors Supplier of the Year for its overall business performance in 2005.

Dow Jones Newswires has reported that Mittal Steel has called on the French market regulator Autorité des Marches Financiers to take action against Arcelor shareholder group Association des Actionnaires d'Arcelor, saying it is misrepresenting itself by claiming independence from Arcelor and demanding that the French regulator put a statement on the shareholder group's website to say it is not independent because its founder has a conflict of interest.

In an interview published in Le Figaro, Arcelor CEO Mr Guy Dolle said that Arcelor is worth five to six times expected EBITDA at EUR 33.7 billion to 40.7 billion and that is much more than the EUR 20.5 billion bid by Mittal Steel.

Arcelor chairman Mr Joseph Kinsch said the group is ready to reconsider any takeover offer from Mittal Steel made entirely in cash, instead of the current cash and share bid.

Reuters has reported that Luxembourg's parliamentary finance committee agreed on 27 April 2006 to scrap a controversial amendment to Luxembourg's takeover law that could have hindered Mittal Steel's acquisition of Arcelor.

Arcelor's chairman Mr Joseph Kinsch told the 22 April edition of De Tijd newspaper that it has not used up all its options in its defense against an unsolicited takeover offer from Mittal Steel.

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.

Mr Lakshmi Mittal told the Belgian government on 19 April that Mittal Steel would retain Arcelor’s stainless steel business for 18 months if it succeeds in acquiring the world’s No 2 steel producer.