Mittal launches US offer for Arcelor securities | india | Hindustan Times
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Mittal launches US offer for Arcelor securities

Mittal is offering 1 Mittal Steel Class A common share plus cash for each Arcelor Share or Arcelor ADS tendered.

india Updated: Jun 08, 2006 18:46 IST

In its continued bid to take over Arcelor, Mittal Steel, owned by NRI steel tycoon Lakshmi Mittal, on Thursday announced that it has launched an offer to shareholders of the rival European company in the US, which would last till July 5.

Under the deal, Mittal Steel is offering 1 Mittal Steel Class A common share plus cash for each Arcelor Share or Arcelor ADS (American Depositary Shares) tendered.

Mittal Steel commenced on May 18, 2006 in Belgium, France and Luxembourg, and on May 24, 2006 in Spain, an offer to exchange Arcelor shares and convertible bonds held by holders who are located in Belgium, France, Luxembourg and Spain and holders who are located outside of Belgium, France, Luxembourg, Spain, Japan, The Netherlands and the United States to the extent that such holders may participate in such offer pursuant to applicable local laws and regulations.

The US offer and the European offer have identical terms and conditions other than the date of commencement and the duration of the initial acceptance period.

The US offer and withdrawal rights are scheduled to expire at 12 midnight, New York City Time on July 5, 2006, unless extended.

Mittal Steel the world's largest and most global steel company has operations in sixteen countries, on four continents.

On Wednesday Arcelor said it would meet with its rival soon to discuss the details of Mittal's $33 billion bid for the company.

Also Arcelor maintained that it would look into the deal on receiving all the details while it gave no indications that it would consider changing the course in its opposition to the bid.