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Mittal asks Arcelor shareholders to vote against deal
By agencies
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Tuesday, 20 June 2006, 19:30 IST
LONDON: Lakshmi Mittal, the India born owner of the worldÂ’s largest steel maker Mittal Steel has urged Arcelor shareholders to vote against a plan to merge with Russian steel company Severstal, in an advertisement in the Financial Times newspaper on Tuesday.
Mittal Steel said the deal would give Severstal boss Alexei Mordashov control of Arcelor, "yet the transaction has been structured to allow him not to make an offer for the whole company, let alone pay a control premium".
Arcelor shareholders are due to meet on June 30 to vote on the Severstal merger after Arcelor agreed to a deal with its Russian peer to fend off a $26.44 billion offer from Mittal.
Arcelor's board has staunchly rejected Mittal's bid but has mandated its management board to hold talks with the larger steelmaker, even as Arcelor goes ahead with its Severstal plan.