Mittal Steel to increase its offer to Arcelor | india | Hindustan Times
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Mittal Steel to increase its offer to Arcelor

Mittal Steel will increase its takeover offer to rival Arcelor to 14.1 bn pounds from the current 12.7 billion pounds in two weeks.

india Updated: Apr 22, 2006 16:32 IST

Mittal Steel will increase its takeover offer to rival Arcelor to 14.1 bn pounds from the current 12.7 billion pounds in two weeks, chief executive and NRI tycoon Lakshmi Mittal said on Thursday.

He said the deal is subject to approval by the EU antitrust office. "We are expecting that in the next two weeks the regulators will make it official. And then we will have 35 working days for the shareholders to decide," Mittal said.

Speaking on a visit to Gandrange in France, Mittal said, "Europe is steeped in industrial tradition and yet today few European industrial companies are global sector leaders. This transaction will change that. A European company will be the undisputed number one in the steel business. I believe this creates a business platform from which Europe can only stand to benefit".

Mittal said he understood the concerns the governments had raised initially about, but that he was confident this position has changed. "I fully understand the affiliation governments have had historically with their steel industries," he said.

"We have been in a process of dialogue with all the leading governments and have shared with them our very thorough industrial plan. I have sought to explain to them that this deal does not take away anything from Europe."

Claiming that his firm was not planning to cut jobs or shift or reduce investment, he said, "In ten years time, the industry leader will be producing around 150 to 200 million tonnes per annum...It is the very company that a combination of Mittal and Arcelor will create, not in ten years, but today."