Arcelor Finally Agrees to Merge With Mittal Steel -- New Company to be Called Arcelor-Mittal
Arcelor's Board of Directors today agreed to accept the hostile takeover bid made by Mittal Steel, ending the five-month takeover battle for the company. By accepting Mittal's increased offer of 40.4 euros per share, Arcelor will have to pay a significant break-up fee to Severstal, the Russian steel company that it agree to buy for $16.6 billion in May 2006. The new steel group, which will be called Arcelor-Mittal. The merger between the largest and second largest steel producers will create the world's largest steel company, controlling nearly 10% of world steel production and employing more than 320,000 people. Mittal Steel USA is currently the largest steel producer in the U.S.
|posted by Douglas N. Jacobson| Permalink 
