Arcelor to hold talks with Mittal Steel
By agencies
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Wednesday, 07 June 2006, 19:30 IST
PARIS: Steel maker Arcelor has planned to hold talks with steel magnate Lakshmi Mittal on his business plans in Arcelors 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.
Mittals 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 groups majority owner and chairman, Alexei Mordashov, would have a whooping 32.2 percent of the enlarged group. Arcelors 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 worlds two biggest steel makers since late January.