Date:19/05/2006 URL: http://www.thehindu.com/2006/05/19/stories/2006051902102000.htm

Business

Mittal formally launches Arcelor bid

The offer is open until June 29

LONDON: Unfazed by stiff opposition for his takeover bid, NRI steel tycoon Lakshmi Mittal on Thursday made his formal offer for acquiring the rival steel company, Arcelor, which provides a chance for shareholders to determine the Luxembourg-based company's future.

Mittal Steel is offering about $23.2 billion cash and its own shares for Arcelor, having received regulatory clearance for the bid from watchdogs in Belgium, France and Luxembourg earlier this week. The offer is open until June 29. Regulators have said that the result will be announced on July 13.

The offer for Arcelor opened in Luxembourg, France and Belgium.

It is expected to open in Spain and the U.S. shortly, a Mittal Steel release said. If successful, Mr. Mittal will create a global giant worth about $40 billion, employing 320,000 people and producing around 10 per cent of the world's steel. — PTI