Mittal to move ahead with Arcelor takeover bid

9th May 2006, Comments 0 comments

LONDON, May 9, 2006 (AFP) - The world's biggest steel group, Mittal Steel, will launch its official bid for French peer Arcelor in the middle of next week, Lakshmi Mittal told reporters here on Tuesday.

LONDON, May 9, 2006 (AFP) - The world's biggest steel group, Mittal Steel, will launch its official bid for French peer Arcelor in the middle of next week, Lakshmi Mittal told reporters here on Tuesday.

Following a press conference Mittal's boss was questioned by journalists on the timing of an official bid for Luxembourg-based Arcelor, the second largest steel company in the world.

In response, he said it would take place in the "middle of next week except if there are more roadblocks by Arcelor".

Earlier Tuesday in a statement issued in Rotterdam where the group is based, Mittal Steel said that it would raise its offer for Arcelor if it received a recommendation from the board of the French metals giant.

Mittal was addressing journalists in London, where he lives, before his group's annual shareholder meeting later Tuesday.

Shareholders in Mittal Steel are meeting in Rotterdam amid concerns that the steel giant's proposed informal hostile takeover of Arcelor is taking longer than expected to clear regulatory hurdles.

Copyright AFP

Subject: French news

0 Comments To This Article