The world's biggest steel group, Mittal Steel, said on Tuesday that it would not revise its offer for number two Arcelor unless the Arcelor board backed a proposed takeover.
Updated at 6.30 pm
LONDON: The world's biggest steel group, Mittal Steel, will launch its official bid for French peer Arcelor in the middle of next week, Lakshmi Mittal told reporters here on Tuesday.
Following a press conference Mittal's boss was questioned by journalists on the timing of an official bid for Luxembourg-based Arcelor, the second largest steel company in the world.
In response, he said it would take place in the "middle of next week except if there are more roadblocks by Arcelor".
Shareholders in Mittal Steel are meeting in Rotterdam amid concerns that the steel giant's proposed informal hostile takeover of Arcelor is taking longer than expected to clear regulatory hurdles.
ROTTERDAM: Earlier. Mittal Steel, said it would not revise its offer for number two Arcelor unless the Arcelor board backed a proposed takeover.
"Mr Mittal also said that Mittal Steel does not intend to revise its offer absent a recommendation," said a Mittal statement that paraphrased a conversation between Mittal boss Lakshmi Mittal and Arcelor chairman Joseph Kinsch on Monday.
Arcelor's board has repeatedly rejected Mittal's $23 billion cash and share bid in its current form, while Mittal has insisted the offer would not be improved.
Mittal released summaries of the contact it had with Arcelor in the past weeks in accordance with its regulatory obligations, the steel giant said.
"We have made various efforts in recent weeks to initiate discussions and have indicated that, in the event of a recommended deal, we would be willing to revise our offer and make significant changes to our corporate governance," Lakshmi Mittal said.
"This move does not signify any belief that the underlying value of Arcelor has changed, but rather that additional value would be attached to a recommended offer," he added.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}