Mittal Steel still unconfirmed about Arcelor deal

Mittal Steel still unconfirmed about Arcelor deal

Mittal Steel has said in a statement that they are still not confirmed about the outcome of their talks with Arcelor. The company said that they are continuing the discussions but the result is still uncertain.

Mittal Steel said in a statement: “Mittal Steel confirms that discussions are taking place with Arcelor. The outcome of these discussions remains uncertain at this stage.”

LN Mittal and Arcelor Chief Executive Guy Dolle are both attending the steel industry conference in New York today. However, the two groups are not revealing much on their talks about a possible acquisition deal.

Arcelor said yesterday that they were canceling a shareholder meeting scheduled for Jun 21. This meeting was related to their planned $8.18 billion share buy-back plan aimed to defend itself from the Mittal Steel’s deal.

The company added that they would cancel its deal with Severstal if more than 50% owners of their stockholders oppose this deal. This could further improve the chances Mittal Steel has for their takeover.