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'Mittal's takeover plan was leaked to press'

Mittal Steel said the plan for Arcelor takeover was leaked to French press.

india Updated: Mar 03, 2006 17:46 IST

Mittal Steel Co, the world's largest steelmaker, said that the industrial plan for its takeover bid for European steel giant Arcelor SA was leaked to the French press.

The plan, which is the rationale for Mittal's bid, was given confidentially to government officials, the company said in a statement.

The executive summary of the plan was leaked to a French newspaper, the company said.

"This breach illustrates the concern that Mittal Steel has had in sharing non-public details of the industrial plan with selected stakeholders," the statement said, adding the company "expresses its surprise at this breach of confidentiality" and that it intends to increase security to ensure privacy.

Mittal operates in 16 countries, and in 2005 had revenues of $28.1 billion and shipped nearly 50 million tons of steel to the automotive, appliance, machinery and construction industries.

In late January, the company offered $22.8 billion in a cash-and-stock bid for rival Arcelor SA. The deal must be approved by European regulators -- officials from four governments received the document -- and by Arcelor shareholders.

First Published: Mar 03, 2006 10:08 IST