Mittal may accept minority stake in Arcelor

By agencies   |   Tuesday, 30 May 2006, 07:00 Hrs
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FRANKFURT: WorldÂ’s largest steel maker Mittal Steel might be satisfied with a minority stake in its bid to take over Arcelor. Arcelor merged with Russia's Severstal in an attempt to thwart Mittal's bid, and has offered Severstal's owner Alexei Mordashov almost a third of the enlarged Arcelor's shares.

Roeland Baan, European Head of Mittal Steels said, "It could well be that we in the end perhaps have 40 percent of the shares in a combined Arcelor and Servestal group.”

The Financial Times Deutschland also said Baan accused Arcelor's management of failing to represent shareholders' interest in the proposed deal with Severstal. Arcelor management is acting according to purely egotistical motives. The gentlemen are glued to their chairs," Baan claimed.

He said, "We will now go to all the Arcelor shareholders and make our position clear. We are at the moment offering more than 37 euros per share and we still believe that the shareholders will sell their shares to us.”

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