Mittal Steel to continue with their Arcelor Bid

Mittal Steel owner LN Mittal has said that he would press ahead with his bid to acquire Arcelor. This announcement came despite the latest news as per which Arcelor has announced their plans to merge with Russia’s Severstal.

Mittal continues to claim that his offer makes more sense for the shareholders of Arcelor and they would benefit more if Arcelor and Mittal Steel join hands.

The Arcelor and Severstal deal would interestingly create a company bigger than Mittal Steel and would become the world’s largest steel maker. Mittal said in a statement to French daily Le Figaro in Saturday’s edition: “We are determined to complete our approach to Arcelor. It is in the interests of all the shareholders and all the parties involved, in both financial and industrial terms.”

He added: “We are offering to involve (shareholders) in the construction of a European champion, the undisputed world leader. I am convinced they will recognize the strength of our project. This alliance makes obvious sense.”

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