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December 08, 2007
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Saturday
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Ziqa’ad 27, 1428
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Takeover offer
HONG KONG, Dec 7: ArcelorMittal, the world’s largest steel producer, said on Friday it will make a takeover offer for China Oriental in a bid to gain a larger slice of the world’s biggest steel market.
The two companies said Hong Kong’s securities regulator ruled that ArcelorMittal will have to make an offer for the Chinese steel maker as it was acting in concert with the mainland company’s chairman Han Jingyuan.
Han holds a 45.11pc stake in the Chinese steel producer and ArcelorMittal bought 28.02pc stake of China Oriental last month for 5.02 billion Hong Kong dollars (644 million US), or 6.12 dollar per share.—AFP
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