Arcelor to hold talks with Mittal Steel
By agencies   |   Wednesday, 07 June 2006, 19:30 IST
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PARIS: Steel maker Arcelor has planned to hold talks with steel magnate Lakshmi Mittal on his business plans in Arcelor’s bid, giving Mittal some potential leverage in his bid to take over Arcelor. Arcelor has found a identified a number of questions related to the business plan of Mittal requesting a meeting to review the ongoing business plan, anticipating a discussion of the standalone plan of Mittal Steel, by the representatives of the two managements. Mittal’s offer has been challenged by Russian Steel-maker Severstal who offered Arcelor a 13 billion euro ($16.7 billion) deal. Some Arcelor shareholders have protested the Russian deal claiming that they had little say in the deal and the Russian group’s majority owner and chairman, Alexei Mordashov, would have a whooping 32.2 percent of the enlarged group. Arcelor’s shareholders have long called on the company to hold talks with Mittal Steels. Mittal's plans to acquire the European group and build an industry giant with a 10 percent control of the global steel market has led to a tussle between the world’s two biggest steel makers since late January.

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