US nod for Mittal's Arcelor takeover

The US said Mittal Steel can takeover Arcelor if it sells off key assets such as Canadian steelmaker Dofasco.

The US government on Friday cleared Mittal Steel's controversial takeover of European rival Arcelor provided it sells off key assets such as Canadian steelmaker Dofasco.

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If the takeover goes ahead, the Department of Justice's anti-trust division said the world's largest steel group would be obliged to sell Arcelor unit Dofasco to German giant ThyssenKrupp.

Mittal Steel has already committed to selling Dofasco to ThyssenKrupp should it win control of Arcelor, which is bitterly resisting its hostile takeover.