PARIS, July 12: Mittal Steel, the biggest steel producer in the world, said on Wednesday that it now held 14.11pc of the voting shares in number two Arcelor as the result of a public offer that is due to expire late Thursday.The hostile offer was launched in May before finally being recommended by the Arcelor board a month later, and could be extended several days if Mittal obtains more than 33.3pc of Arcelor’s shares, a Mittal spokesman said.
The share and cash offer from Mittal Steel values Arcelor at about 25.4 billion euros.
Despite the seemingly weak response, the spokesman insisted that it did not constitute “an indication of the result of the operation”. He said: “People tender their shares at the last minute.”
The group currently plans to reveal the response to its offer on July 26, with success marked by the acquisition of more than 50pc of Arcelor’s capital.—AFP
