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Mittal's Arcelor bid gets official nod

European stock exchange authorities okayed the hostile bid yesterday, making it valid from May 18 to June 29.

india Updated: May 17, 2006 10:36 IST
Indo-Asian News Service
Indo-Asian News Service
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Hindustantimes
         

A bid by Mittal Steel, the world's largest steelmaker, to take over Luxembourg-based rival Arcelor got official go ahead.

European stock exchange authorities had given approval for the hostile takeover attempt on Tuesday, according to the Luxembourg exchange regulatory body, which said the bid would be valid from May 18 through June 29.

Mittal chief executive Lakshmi Mittal said last week he was willing to consider a revised offer after bidding 18.6 billion euros for Arcelor - a move that met opposition from Arcelor's board and the French government, which owns a stake in the company.

Mittal added at the time that his company remained "resolute in our intention to pursue this transaction to its successful conclusion" in an effort to create a combined company that would be the first to have a capacity of 100 million tonnes of steel a year.

Mittal, which is listed in New York and Amsterdam but managed from London, first made clear its intentions regarding Arcelor in January.

First Published: May 17, 2006 04:37 IST