Tuesday, July 18, 2006

Mittal meets Arcelor takeover conditions

Mittal Steel has said it has met the minimum conditions for its takeover of rival Arcelor - acquiring 50% of its outstanding shares. It said that it was still verifying the number of Arcelor shares it had been able to buy at its offer price, and would give a final result on 26 July.

Arcelor’s board accepted Mittal’s improved bid of 25.8bn euros (£17.7bn; $32.3bn) after a five month battle.

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