Arcelor interested in a proposal from Mittal Steel

Arcelor interested in a proposal from Mittal Steel

Lakshmi Mittal owned Mittal Steel recently placed a bid to take over steel giants Arcelor. However, their bid was not successful considering the board members of Arcelor flatly refused the offer. There is some hope now considering the latest reports from the media indicates that Arcelor has said it would be ready to receive a written proposal from Mittal Steel about an unspecified “industrial project” related to the steel industry.

This report was published in the Financial Times newspaper and might be an indication of the fact that Arcelor is finally softening its stand on a potential deal with the world’s largest manufacturer of steel. However, they have clarified that they would offer no guarantee that it would accept the proposal.

Arcelor has also in fact ruled out running into the arms of a white knight to fend off this takeover attempt from Mittal Steel though they are now playing softly with the proposals made by Lakshmi Mittal. Arcelor chief executive Guy Dolle said in a statement: “We are completely determined in our opposition to Mittal Steel’s offer which does not meet the interest of shareholders, its business partners, or the rest of the group’s stakeholders.”

He further added: “Of course, if Mittal Steel wished to put forward a proposal, it would be examined by Arcelor’s board, in accordance with the rules of corporate governance.”