Mittal says it's willing to change Arcelor offer

Arcelor on January 29 rejected Mittal's hostile cash-and-share bid.

Mittal Steel, which is bidding to take over Arcelor, said it's willing to revise the offer and corporate-governance structure if Arcelor agrees to accept the bid.

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Arcelor on January 29 rejected Mittal's hostile cash-and-share bid. Chief Executive Officer Guy Dolle is seeking to convince investors of his tactics to prevent a takeover by its Rotterdam- based rival.

That strategy includes the transfer of Arcelor's Canadian unit, Dofasco, into a Netherlands-based trust.

"We have said from the beginning of this transaction that we would like to enter into a friendly dialogue with Arcelor," Chairman Lakshmi Mittal said on Tuesday.

"We have indicated that, in the event of a recommended deal, we would be willing to revise our offer and make significant changes to our corporate governance."

Mittal wants to buy Arcelor to increase bargaining power with suppliers and customers. If successful, it would create a producer three times the size of its nearest rival.