Monday, May 22, 2006

Arcelor warming to Mittal bid?

European steelmaker Arcelor has said it is willing to study an improved 25.8bn euro ($33bn; £17.5bn) hostile takeover offer from Mittal Steel.

However, the Luxembourg-based firm said it would only do so once Mittal’s new bid had been approved by regulators.

A tie-up between Arcelor and Mittal would create the world’s biggest steel company, with control of about 10% of the global market.

Arcelor’s board has so far strongly opposed Mittal’s takeover offer.

But the company’s latest comments raises the prospects that it may at least be considering talks with its suitor.

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