Russia’s Severstal Gets $180M Compensation for Failed Arcelor Deal - COMPANY NEWS - MOSNEWS.COM
The world’s second largest steelmaker Arcelor has paid Russian company Severstal 140 million euros (about $180 million) in compensation for a failed merger deal, Severstal said on Friday, July 21.
MosNews has reported on the merger deal that was signed on May 26, but was rejected by Arcelor’s shareholders on June 30 after a PR campaign launched by Severstal’s competitor, the world’s largest steelmaker Mittal Steel. Mittal has proposed a takeover deal to Arcelor before its agreement with Severstal. After the deal with Severstal was inked, Mittal reviewed the conditions of it offer and secured approval of Arcelor’s board of directors.
Monday, July 24, 2006
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