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Mittal confident of Arcelor shareholders' approval

india Updated: Jun 26, 2006 21:03 IST

A day after clinching the deal with Arcelor, India-born steel tycoon LN Mittal on Monday expressed confidence that shareholders will vote in favour of the agreement and reject Russian giant Severstal's offer of a merger.

At a joint press conference with Arcelor Chairman Joseph Kinsch, he exuded confidence of having the support of shareholders as well as the Board of Arcelor.

On Severstal's plans to improve its bid, Mittal said: "Any partial bid will not be entertained by the company".

Mittal's son Aditya appealed to shareholders of Arcelor to vote down Severstal's merger plan to keep the Arcelor- Mittal tie-up on track.

Earlier, a slighted Severstal, with whom Arcelor announced a merger on May 26, expressed surprise at not being invited to Sunday evening's Board meeting and declared that it would present an improved offer to shareholders of Arcelor on June 30.

The newly-created entity Arcelor-Mittal would have LN Mittal as its President, while Joseph Kinsch would continue to be in the position of Chairman till his retirement.

"Initially, the Chairman position will be held by Kinsch and the President position will be held by Mittal. Upon the retirement of Kinsch, Mittal will assume the role of Chairman and the successor to the President will be proposed by Kinsch," the two companies said at the press conference.

Arcelor CEO Guy Dolle has offered to step down and a new CEO is likely to be announced on June 30. Mittal suggested that Kinsch should propose a replacement candidate.