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Mittal Steel alleges takeover plans leaked
By agencies
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Friday, 03 March 2006, 20:30 IST
LONDON: The worldÂ’s largest steel maker by volume, Mittal Steel Co today said that the industrial plan for its takeover bid for European rival Arcelor SA was leaked to the French press.
The plan, which is the rationale for Mittal's bid, was given confidentially to government officials, the company said in a statement.
The executive summary of the plan was leaked to a French newspaper, the company said.
"This breach illustrates the concern that Mittal Steel has had in sharing non-public details of the industrial plan with selected stakeholders," the statement said, adding the company "expresses its surprise at this breach of confidentiality" and that it intends to increase security to ensure privacy.
Mittal Steel, which operates in 16 countries, had revenues of $28.1 billion in 2005 and shipped nearly 50 million tons of steel to the automotive, appliance, machinery and construction industries.
In late January, the company offered $22.8 billion in a cash-and-stock bid for European rival Arcelor SA. Officials from four governments and shareholders who jointly own Arcelor must approve the deal.