Expatica news

Arcelor takeover wrapped up in September

29 June 2007

BRUSSELS (AP) – Mittal Steel Co. NV said Friday it expected to complete the first step of its takeover of Arcelor SA “on or about” Sept. 3, creating the world’s largest steelmaker.

Mittal Steel will then merge into the new company, to be known as ArcelorMittal and then combine with Arcelor at a later date yet to be fixed.

Mittal said it would ask shareholders to approve this at an Aug. 28 meeting while Arcelor shareholders will also hold a parallel meeting on another date.

ArcelorMittal shares will then start trading on the New York, Amsterdam, Paris, Brussels, Luxembourg and Spanish exchanges.

The companies are already largely operating as one out of their new headquarters in Luxembourg.

Mittal’s bid for Arcelor – estimated at around EUR 30 billion – has had a rocky road toward completion as U.S. regulators ordered Mittal to sell off one of its major American steel plants and the Brazilian market watchdog forced it to spend up to EUR 4 billion to buy out Arcelor’s Latin American steel units.

[Copyright AP 2007]

Subject: Belgian news