Tag: Mittal Steel

Arcelor SA employee shareholders on 6 March 2006 urged others to retain their stake in Arcelor, saying that Mittal Steel was more eager to win over the French government than shareholders.

Mr Guy Dolle, CEO of Arcelor, declared on 6 March 2006 that Mittal Steel has no chance to succeed in its takeover bid with its current bad offer, but added that Arcelor's board would have to consider an all cash proposal on the sidelines of conference.

Mr Guy Dollé CEO of Arcelor retreated that a detailed document is to be tabled by Mittal Steel to start discussions between Arcelor and Mittal Steel on the takeover bid.

Mittal Steel's hunt for acquisitions will shift to China and India once the company has pulled off its planned USD 22.1 billion takeover of Arcelor citing CFO Mr Aditya Mittal.

Mittal Steel has ruled out raising the price on its USD 23 billion takeover bid for Arcelor as it is preparing to present its case to European governments.

Mittal Steel’s industrial plan for the Arcelor bid will be a bulky 100 plus page document and it will contain details about investment, growth prospects, status of staff and facilities, integration plans and strategic rationale for the Mittal Steel’s bid and will seek to explain what the bid will mean for the industry, the business and the steel sector of each country.

Opposition to the disputed proposal to combine the world's two largest steel manufacturers is softening said the CFO of Mittal Steel on 26 February 2006 in defending his firm's hostile takeover bid for rival Arcelor.

Arcelor will succeed in fighting off Mittal Steel's USD 23 billion hostile takeover bid Arcelor's Deputy CEO said 24 February 2006.

Top executives of Arcelor Brazil pledged to join the fight against an unsolicited bid by global leader Mittal Steel as Mr Jose Armando de Campos, president of Arcelor Brazil and senior executive vice president Mr Carlo Panunzi, said they were worried about Mittal's bid.

Mittal Steel has secured the financial backing of Societe Generale for its takeover bid for Arcelor, citing bankers close to the deal.