Friday, January 27, 2006

Mittal Steel makes offer for Arcelor

LONDON (Reuters) - Mittal Steel said on Friday it had launched an 18.6 billion euro (12.8 billion pounds) offer for French rival Arcelor .

Mittal Steel said the offer was worth 28.21 euros a share, a 27 percent premium to Arcelor’s closing price on January 26.

Under the offer, Arcelor shareholders will get 4 Mittal Steel shares and 35.25 euros for every 5 Arcelor shares, Mittal Steel said in its statement.

Share dealings in both companies have been suspended

I never saw this one coming!

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