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Toolose
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Joined: 28 Feb 2005
Posts: 7
Cash Points ££ 157.78
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 Posted: Mon Jun 26, 2006 12:20 am Post subject: Mittal Satisfied With Arcelor Takeover ! |
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Indian-born steel tycoon Lakshimi Mittal expressed satisfaction Thursday with talks with rival Arcelor SA over his company's hostile offer of about 22 billion euros (28 billion dollars) for the Luxembourg-based steelmaker.
Mittal, whose Mittal NV is locked in a long-running fight to acquire Arcelor, was speaking ahead of a key Arcelor shareholder meeting next week which could test how stockholders are sizing up the takeover battle.
Arcelor has fiercely opposed the Mittal bid and instead is recommending that shareholders support its proposed 13-billion-euro merger with Russian steel magnate Alexei Mordashov's Severstal group.
But after a round of talks with Arcelor on Mittal's business plan for the group and the possible synergies from its takeover bid, Mittal said, "So far the discussions are satisfactory,"
While formally rejecting Mittal's bid earlier this week, Arcelor seemed to open the door possibly to bringing the takeover conflict to an end when it appeared to suggest that it would be amenable to negotiations if Mittal was prepared to further improve its offer.
Apart from turning to Severstal as a "white knight" to head off Mittal's takeover ambitions, Arcelor has also launched a 6.5-billion- euro share buyback to derail Mittal moves on what is the world's second biggest steelmaker.
Speaking in London, where he is based, Mittal said he hoped Acelor shareholders would be against the share buyback at a meeting set down for June 21.
Another shareholders' meeting has been scheduled for one week later, June 30, when the future control of Arcelor could be finally decided.
The talks between Arcelor and Mittal also came against the backdrop of fresh signs of tensions among Arcelor shareholders over its strategy for killing off the Mittal bid.
One of Arcelor's leading shareholders, Carlo Tassara International said it would vote against the planned buyback, saying that it would change who controlled Arcelor's capital without forcing Severstal to launch a takeover bid.
With about 5 per cent of Arcelor, Carlo Tassaro is the group's second biggest shareholder after the Luxembourg government which has a 5.52-per-cent stake.
In the meantime, Mordashov said in an interview with French daily Le Figaro Thursday that he did not plan to give up the fight for merging his company with Arcelor.
"We have no intention of quitting," he said. "There is no reason," But he went on to say "if Mittal obtains over 50 per cent of the new entity Arcelor-Severstal, our contact is cancelled."
"On the other hand, if they obtain 45 per cent, we will probably stay put," he said |
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