Arcelor, Mittal near peace deal, says report

PARIS: Steel firms Mittal and Arcelor are drawing close to a friendly merger deal that would end a six-month hostile bidding war and forge the world's largest steel company, French newspaper La Tribune reported on Friday.

After 10 days of intense negotiations, the two sides just have to negotiate the final price to be paid for Luxembourg-based Arcelor after Indian-born steel magnate Lakshmi Mittal gave ground on corporate governance and industrial strategy, the paper reported in its web edition.

Arcelor's chief executive Guy Dolle, who has previously backed a merger with Russia's Severstal to block Mittal, could recommend a Mittal deal to the company's board on Sunday, the newspaper reported.

None of the companies involved was immediately available for  comment.