Arcelor discusses revised Mittal bid

18 directors were due to study details of the improved offer made by Mittal, world's biggest steelmaker by volume.

india Updated: May 21, 2006 22:49 IST

The Arcelor board met on Sunday to formulate a response to Mittal Steel's improved 25.8 billion-Euro takeover bid.

Arcelor's 18 directors made no comment as they arrived at the group's headquarters in Luxembourg.

They were due to study the details of the improved offer made on Friday by Mittal, the world's biggest steelmaker by volume.

But it is not clear whether the Franco-Spanish-Luxembourg group will come to a definitive decision on the bid.

Even if it does issue a statement at the end of the day, it could be several days before Arcelor's board gives its recommendations to shareholders.

On Friday, Mittal chief Lakshmi Mittal raised its bid for Arcelor to 25.8 billion Euros, or 37.74 Euros a share, up from 18.6 billion Euros, and said that if the bid succeeded his family would hold about 45 per cent of the new entity, a smaller proportion than previously envisaged.

First Published: May 21, 2006 22:10 IST