Report On Arcelor- Mittal Merger “A Union of Titans”
Divya khemani (08-111-819)
many of them formerly public sector-owned companies. Mittal Steel is among the most efficient steel producers in the world. They encompass all aspects of modern steelmaking. Their shares are listed on the New York and Amsterdam stock exchanges.BACKGROUND
Mittal Steel is the world's largest and most global steel company.000 people spanning 49 different nationalities. spanning 150 countries. Mittal Aditya Mittal Wilbur L. Ross Narayanan Vaghul Ambassador Chairman of the Board of Directors and Chief Executive Officer Member of the Board of Directors and President and Chief Financial Officer Member of the Board of Directors Member of the Board of Directors
Andrés Member of the Board of Directors
. and made successes of them. with shipments of 49.1 billion in 2005. combining both integrated and mini-mill facilities and producing much of the iron ore and coking coal used in their furnaces.
BOARD OF DIRECTORS
Lakshmi N. engineering and appliance sectors. They employ 224. With two technical research facilities. They have taken on a range of acquisitions. In the process they have spread best practice and modern production techniques throughout their plants. their product development teams are ready to meet the needs of the most demanding customers. A force in every segment of the steel market. Mittal Steel has set the pace for the consolidation and globalization of the world steel industry. Their capital investment programme is unmatched in the industry. includes household names in the automotive. They have pioneered the use of direct reduced iron (DRI) as a raw material source and are now the world’s biggest producer of DRI. operating a range of modern technologies. Their 5000 strong customer base. They own steel-making facilities in 16 countries.2 million tons and revenues of over $28. spanning four continents. Mittal Steel produces a broad range of high-quality finished and semi-finished products for the flat and long products markets. They are also among the most advanced steel makers.
Mr. He is a Director of ICICI Bank Limited and is on the Advisory Board of the Kellogg School of Management in the U. Previously. and graduated from St. Following the transaction combining Ispat International and LNM Holdings to form Mittal Steel in December 2004. Aditya Mittal and a daughter. Xavier’s College in Calcutta where he received a Bachelor of Commerce degree. He is married to Usha Mittal. Mr. Mr. he was awarded “Steelmaker of the Year” in 1996 by New Steel in the USA. Mr. Mittal is a member of the Foreign Investment Council in Kazakhstan. Mittal Steel is the only truly global steel producer in the world with operations on 14 countries. entrepreneurship. Mittal was awarded Fortune magazines “European Businessman of the Year 2004”. together with the simultaneous announcement of the acquisition of International Steel Group in the US to form the world’s largest steel producer.S. 1950.. Over the years. and the “Willy Korf Steel Vision Award” in June 1998. Mr. Mittal is the Chairman and CEO of Mittal Steel Company. India on June 15. and mining. leadership and success in global steel development from American Metal Market and PaineWeber’s World Steel Dynamics. Vanisha Mittal. power generation and distribution. Mittal is an active philanthropist and a member of various trusts. Mittal Steel is a significant contributor to local community and welfare activities for employees in countries where the Group operates. He founded the company in 1976 and has been responsible for the strategic direction and development of its businesses. Mittal began his career working in the family’s steelmaking business in India. Mr. Reddy Lewis B. Kaden Vanisha Mittal Bhatia Member of the Board of Directors Member of the Board of Directors Member of the Board of Directors Member of the Board of Directors
LAKSHMI N. and has a son. and has over 30 years of experience working in steel and related industries.Rozental René Lopez Muni Krishna T. spanning 4 continents.
. He was born in Sadulpur in Rajasthan. Mittal has also championed the development of integrated mini-mills and the use of Direct Reduced Iron or “DRI” as a scrap substitute for steelmaking and led the consolidation process of the global steel industry. the World Economic Forum’s International Business Council and the International Iron and Steel Institute’s Executive Committee. the International Investment Council in South Africa. Other related activities of Mittal Steel include shipping. Lakshmi N. for outstanding vision. acquisition and turnaround of steel assets has led to its emergence as one of the world’s fastest growing steel producers. Mittal’s ability to guide the company in its identification. MITTAL – PROFILE
Iscor. including Trefileurope and SMR. Unimetal Group. Sidbec-Dosco Canada’s number four steel maker is bought from the Government of Quebec and renamed Ispat Sidbec. LNM with Iscor subsequently takes control of Iscor in June 2004. Karmet The Group buys a 5. takes effect in January 2003 and the company is renamed Ispat Nova Hut. Business assistance LNM Holdings signs a business assistance agreement with agreement signed the South African steel producer. at an all-in cost of $905 million.MITTAL STEEL GROWTH TIMELINE
Year Acquired 1989 1992 1994 1995 Description
Iron & Steel A modern technologically advanced Steel Complex.
. renowned for its mini-mill expertise and renamed as Ispat Hamburger Stahlwerke. Nova Hut LNM Holdings signs an agreement to buy Nova Hut. Steel Ispat International buys America’s fourth largest steelmaker.
Hamburger Stalwerke Germany’s fourth largest producer of wire rod. renamed Ispat Karmet. LNM Holdings buys 70 per cent of ALFASID from the Algerian government and renames it Ispat Annaba. Ispat Iscor has now been renamed Mittal Steel South Africa. being privatized by the Romanian government. Trinidad & Tobago Sibalsa Mexico’s Third Largest Steel Producer. Company Of Renamed as Caribbean Ispat. The acquisition. from Usinor. Inland Steel Company and renames it Ispat Inland.5 million tons pa blast furnace steel plant in Kazakhstan. Renames it Ispat Sidex. the largest steel producer in the Czech Republic. an integrated steelworks in Galati. from the Czech government. Renamed as Ispat Mexicana. Ispat International buys the French company.
Inland Company Unimétal ALFASID SIDEX
LNM Holdings acquires SIDEX.
merging its Created western European operations with its central and eastern European operations to form one unified business structure – Mittal Steel Europe. The enlarged Mittal Steel will span the globe with around 30 per cent of its assets in North America.5 million tons a year but is close to bankruptcy at the time of acquisition. dormant for two years. Mittal Steel announces an agreed takeover of International Steel Group of the US in a cash and shares deal worth $4. The company boasts a capacity of over 6. are renamed Ispat Skopje. it will create the world’s largest steel maker with a stock market worth of around $21 billion and a combined capacity of 70 million tons of steel a year.
Macedonian facilities LNM adds to its downstream activities in the Balkans with from Balkan Steel the acquisition of hot and cold rolling mills in Skopje. committing itself to the biggest ever investment in Bosnia by a foreign company. and renames it Ispat Polska Stal (IPS). At the same time.’
Acquisition of stake Mittal Steel announces a share purchase agreement to in Hunan Valin acquire 36. The move marks Mittal Steel’s entry into the Chinese steel industry. 30 per cent in Europe and the remaining 40 per cent split between Asia and Africa. LNM Holdings and Ispat International announce their merger .2004
Polski Huty Stali
LNM Holdings buys a controlling holding in Poland’s leading steel producer. MDA with Liberian Mittal Steel signs a mining development agreement with
. and subsequently re-named Mittal Steel USA. one of China’s top ten steelmakers with annual capacity of 8.5 million tonnes. LNM Holdings buys Bosnia’s BH Steel.5 billion. Mittal Steel Europe Mittal Steel restructures its European business.67 per cent of Hunan Valin Steel Tube & Wire. Macedonia. ISG Acquisition The acquisition of ISG is completed and the company is Completed merged with Mittal Steel’s existing US operation. Polskie Huty Stali. Once the proposed acquisition is completed. Ispat Inland. The two mills.to form Mittal Steel. Creation Of Mittal Steel and Proposed Acquisition Of International Steel. Chairman Lakshmi Mittal declares his intention to make the Group ‘the lowest cost steel producer in every market.
the Government of Liberia.Govt. of Kryvorizhstal is acquired for $4. Arbed and Usinor. Transaction completed in February 2006 at a cost of C$30 million
Arcelor was created by the merger of Aceralia. Mittal Steel expects to invest $9 billion establishing mining and steel making operations in the state. 2001. 2002. when the Arcelor share was listed on several stock exchanges. Stelfil Ltée and Stelwire Ltd.
MOU with Mittal Steel signs a Memorandum of Understanding with Jharkhand. the merger became effective on February 18. Kryvorizhstal is Ukraine’s leading steelmaker with annual steel production of 7.
1902 : Creation of AHV 1950 : Creation of ENSIDESA 1973 : ENSIDESA (absorption of UNINSA) 1991 : Establishment of CORPORACION de la SIDERURGIA INTEGRAL 1994 : Establishment of CSI Corporacion Siderurgica. India the State of Jharkhand. by utilizing the profitable assets of Corporacion de la Siderurgia Integral.. giving Mittal Steel access to about one billion tonnes of iron ore resources in the west of the country. India. Officially launched on February 19. Company subsequently renamed Mittal Steel Kryviy Rih. industrial. Acquisition of Stelco Mittal Canada enters into definitive agreement for the subsidiaries acquisition of Norambar Inc.
. from Stelco Inc. Operations begin in 1995. and the determination of these three European groups to mobilise their technical. and commercial synergies in a joint venture to create a global leader with the ambition of becoming a major player in the steel industry.8 billion following a public auction in Kiev. The choice of the name Arcelor was announced on December 12. 1997 : Creation of ACERALIA CORPORACION SIDERURGICA and strategic alliance with the Arbed Group. 2001.7 million tonnes and more than one billion tonnes of iron ore resources.
which takes over from Forges et Aciéries du Nord et de l'Est and Hauts Fourneaux. owner of EKO Stahl 1999 : Re-organization of the Usinor group
. Forges et Aciéries de Denain-Anzin 1948 : Creation of Sollac.Majority shareholding in Belgo-Mineira 1999 : Takeover of UCIN in Spain 2000 : Sale of the shareholding in Samitri
1948: Creation of Usinor.ARBED
1882 : Establishment of the parent company 1886 : Beginning of Thomas steel production in Luxembourg 1911 : Merger of the 3 largest steelmakers in Luxembourg and creation of Arbed 1920 : Creation of TradeARBED 1922 : Creation of Cia Siderurgica Belgo-Mineira in Brazil 1962 : Creation of SIDMAR in Belgium 1985 : Majority shareholding in ALZ through SIDMAR 1992 : Control is taken of the former Maxhütte (ex-GDR) and establishment of Stahlwerk Thüringen 1993 : Organization of the Group in business sectors 1993/97 : Conversion to electric steel production in Luxembourg 1995 : Majority shareholding in Klöckner Stahl. which takes over from the Lorraine steel industry 1964 : Creation of Sacilor. the origin of which dates back to the Wendel group 1981 : Nationalization of Usinor and Sacilor 1986 : Merger of Usinor and Sacilor 1990 : Sollac absorbed by Usinor 1991 : Ugine absorbed by Sacilor 1994 : Special steels grouped together within the Aster holding company 1995 : Privatization of Usinor-Sacilor 1997 : Usinor-Sacilor becomes Usinor 1998 : Acquisition of Cockerill-Sambre. now STAHLwerke BREMEN 1997 : Strategic partnership with ACERALIA (formerly CSI) in Spain 1998 : Integration of ARISTRAIN in Spain .
R. Prince Guillaume of Luxembourg John Castegnaro Jean-Yves Durance Noël Forgeard Jean-Pierre Hansen Ulrich Hartmann Chairman of the Board of Directors Vice-Chairman of the Board of Directors Director Director Director Director Director Director
Corporación JMAC BV represented by Antoine Director Spillmann Hedwig De Koker Manuel Fernández López Michel Marti Daniel Melin Edmond Pachura Francisco Javier de la Riva Garriga Sergio Silva de Freitas Georges Schmit Fernand Wagner Director Director Director Director Director Director Director Director Director
THE INITIAL BID AND THE REJECTION
.H.BOARD OF DIRECTORS
Joseph Kinsch José Ramón Álvarez Rendueles H.
. at EURO 27.6. Mittal shares listed in Amsterdam closed up 6.S. Arcelor's CEO. Guy Dolle. The market sent Arcelor's Paris-listed shares soaring 29%. Mittal said that Arcelor Chief Executive Guy Dolle wasn't positive about the approach. A tie-up between the two companies would create a company with $70 billion a year in revenue and the most global production capacity in the industry. January 27: Mittal Steel launches a formal takeover bid for $22 billion dollars. The European Union said it was against racial discrimination and the issue would be treated only on commercial considerations. and would lead in the North American Free Trade Area in appliances and packaging. other leaders. to EURO 28.
HOSTILITY AND RACISM
There was a lot of hostility by Arcelor’s Management Board as they felt that Mittal Steel was resorting to underhanded techniques to merge with them. offered a laundry list of ills in Mittal Steel because of which the merger should not take place. There was a lot of controversy where racist remarks were made against LN Mittal. Guy Dolle categorically turns Mittal down. January 29: Arcelor rejected the offer and the French government said it has "great concerns" about the merger. The next largest producers after Mittal and Arcelor are Nippon Steel Corp and Posco. Arcelor has plants in France.2%. With the European Commission being accused of protectionism and racism.
. Steel shares around the world also rose. and common man. Arcelor is primarily a European producer while Mittal is scattered around the globe. Mittal would become the leader in providing steel to the automotive industry in Europe and the U. They dismissed the idea of a merger with a "company of Indians".63. The bid stirred up passions amongst politicians.January 14: LN Mittal talked to Arcelor CEO Guy Dolle about the possibility of Mittal Steel acquiring Arcelor. but he was confident Arcelor's shareholders will back the bid.
May 4: Kinsch says the offer is "wholly inadequate'' and Arcelor has significant concerns about the real value of Mittal shares. centered in the northern city of Cherepovets. Mittal's offer to revise its bid.4 billion for 32 percent of Arcelor.In London.
INCREASING OFFERS AND PRESSURE
April 19: Mittal Chairman and Chief Executive Lakshmi Mittal calls Arcelor Chairman Joseph Kinsch to ask for "friendly discussions'' about revising his proposal in return for support from management. May 12: Both companies announce better-than-expected results.'' May 10: Arcelor Chief Executive Guy Dolle describes as "insufficient''. May 18: Mittal formally launches its offer.5 billion to buy back almost a quarter of its shares. As such it is the second largest steel company in Russia. Arcelor toughens its stance. May 9: Mittal Steel says it is ready to revise the offer and make corporate governance changes "in the event of a recommended deal.
SEVERSTAL – A NEW PLAYER
Severstal is a Russian company mainly operating in the steel industry. The company is owned by Alexei Mordashov.' adding that Mittal and his family were often portrayed as aliens -'the Indians' -. bringing it up to $32.90 billion and says it would reduce the Mittal family's stake in the company. a columnist for The Guardian spoke of how the bid unleashed a new wave of 'economic patriotism. May 11: Arcelor says it has filed a lawsuit in the United States against Mittal for copying a type of steel for the auto industry.
. April 28: Mittal tells Kinsch he is ready to make "significant corporate governance changes'' and revise the offer.rather than as global entrepreneurs. announcing plan to spend up to $9. although profits suffer due to higher costs of raw materials. May 19: Mittal raises its offer by 34 percent. behind Evraz Group. May 26: Arcelor announces a deal with Severstal that will give it a controlling stake in Russia's steelmaker and $16.
June 9: Arcelor confirms it has held talks with Mittal on the term of its bid.
AGREEMENT TO MERGER AND FINAL MERGER
June 19: Arcelor cancels shareholder meeting on share buyback amid growing shareholder opposition. saying they want more clarity on the state of talks with Mittal and Severstal. In the process. but mandates its board to explore possible improvements to the Mittal offer at a later date. saying the India-born steel tycoon L N Mittal and the markets had finally recognised Arcelor's "true value.3 billion."
. which was approved by the Board of Arcelor on June 25 after a five-month long battle. 57. Luxembourg and Belgium suspend Arcelor shares. June 30: Paving the way for a merger between Arcelor and Mittal Steel.June 2: European Union antitrust regulators approve Mittal bid on condition the new combined steel giant sell off some of its facilities if the bid succeeds. June 21: Market regulators in France.95% per cent of Arcelor shareholders voted against the Severstal offer.20. Arcelor says the revised offer still undervalues the company and urges shareholders to support the Severstal merger instead. Arcelor had recommended acceptance of share and cash from Mittal Steel valuing at about $32. Spain. accounting for about 10% of the world market. June 12: Arcelor rejects Mittal revised bid and recommends shareholders accept deal with Severstal. June 20: In a bid to woo Arcelor. they accept Mittal Steel's $32. Arcelor chairman Joseph Kinsch told shareholders that the long fight with Mittal was worth it. saying that majority owner Mr Alexei Mordashov would settle for 25 per cent of the new group rather than the initially proposed 32.3 billion offer. Mittal says it won't budge on price. June 6: The European Commission approved the Mittal-Arcelor merger. June 24: Talks on between Mittal Steel and Arcelor June 25: Arcelor's board agrees to sweetened bid from Mittal worth about $32. an overwhelming majority of shareholders of the Luxembourg-based firm vote down a merger proposal from Russia's Severstal. Severstal revised the terms of its merger proposal. which creates a group with 3.3 per cent and raised its offer by about 2 billion.000 employees producing about 116 million tonnes of steel annually.3 billion. but is prepared to make changes related to corporate governance.
stabilize earnings and increase shareholder returns • Annual synergies increased by 60% to €1. as well as leading position in North America Enjoy unparalleled access to new high-growth markets: Central and Eastern Europe.6bn)
THE COMBINED VISION
• • • • • • Combination driven by simple and compelling industrial logic."We have created in five months more than EURO 12 billion in value." Kinsch said. China and Latin America Company will be able to service global customers with broad and deep product offering High level of direct access to raw materials making group more profitable and less cyclical than most of its peers
THE COMBINED STRATEGY
• Consolidate regional high-end leadership into global customer platform
. spurring consolidation in a fragmented industry Creation of European-based global champion best positioned to capture new market opportunities New entity will capitalise on strong European heritage and presence. Africa.5% for Arcelor investors and 49.3bn (US$1.
SNAPSHOT VIEW OF THE MERGER
• Arcelor Mittal: A merger of equals with shared management for successful integration – Ownership of 50.5% for Mittal Steel investors • Recommended transformational merger of the world’s two largest steel companies with unrivalled global footprint • The undisputed industry leader • Creation of company with unprecedented scale and diversification to manage cyclicality.
utilising existing leadership in high-end products in mature economies Accelerate growth in key emerging markets such as India and China Achieve cost leadership and operational excellence across product range Maintain high level of vertical integration to hedge against raw materials price fluctuations Focus on people management and social responsibility
.• • • • • • •
Achieve industrial excellence through state of the art assets sustained by sound capital expenditure and best in class R&D Realise commercial leadership through strong distribution channels Capture growth in BRICET countries.
Leadership position in high-end segments in North America. Low Cost slab manufacturing in Brazil that can be expanded for export to Europe and North America. Access to very low cost slab potential in Ukraine to serve West Europe.one vote regardless of holding period Composition of initial Board of Directors o Mr Kinsch to be Chairman. Mittal Co. with strong R&D capabilities. Arcelor becomes a global player. Mr Mittal becomes Chairman o The Board of Directors will be composed of 18 members. Increased free float and liquidity
From Arcelor Point Of View • • • • • • Mittal Company will accomplish Arcelor’s stated plan in the most efficient way.A WIN-WIN STAKEHOLDERS
From Mittal Point Of View • • • • •
Merger would take consolidation to a new horizon. Operations in high-growth economies with low-cost. Successful distribution business in Europe. Mr Mittal to be President o Upon Mr Kinsch’s retirement. shareholders to elect Board of Directors
. to have leadership position in high end segments in Western Europe with strong R&D capabilities.
FINER DETAILS OF MERGER
• Shareholder voting rights All shares with identical voting and economic rights: One share . profitable assets and local operating expertise in numerous emerging markets. Access to raw materials and upstream integration. all non executive (majority independent) • 6 members from Arcelor • 6 members from Mittal Steel • 3 current representatives of existing Arcelor major shareholders • 3 employee representatives o After expiry of three year period.
g. subject to certain exceptions.consent of a majority of the independent directors or in case of passive crossing of such thresholds • Lock up Mittal family has agreed to a 5-year lock-up. CEE. fewer changeovers)
Board Committees o an Audit Committee composed solely of independent directors o an Appointments and Remuneration Committee composed of 4 members.. corporate governance rules and certain other conditions terminate • Standstill Mittal family has agreed to a standstill at 45% of share capital. President and 2 independent directors Composition of Management Board o The Management Board will be comprised of 7 executive members o 4 current Arcelor executives. productivity gains with better sequencing rates. CIS. including the Chairman. Exceptions in certain circumstances .. Africa • Cross selling through enlarged and enhanced product portfolio • Optimisation of order book for cross product flows and logistical savings Manufacturing and process optimization (US$470m) • Benchmarking and best practice alignment across all operating assets • Optimisation of utilisation of assets through selected mill product specialisation (e. including the right to dispose of up to 5% of the share capital after the 2nd year
INCREASED IDENTIFIED SYNERGIES
Marketing and trading (US$570m) • Accelerated growth of distribution in developing regions e. CEO to be proposed by the Chairman o 3 Mittal Steel executives
KEY CONTRACT TERMS
• Other offers Arcelor has agreed they will accept no other offer for Arcelor shares unless it is a superior offer for the entire share capital of Arcelor o No break-up fee required in contract o If shares are issued under the Strategic Alliance Agreement.g.
7x US$9.6% US$24.6bn
FINANCIAL POLICY FOR SUSTAINABLE SHAREHOLDER VALUE CREATION
• • • • • Efficient capital structure and return of excess cash to shareholders 30% dividend payout ratio over the cycle Unparalleled financial flexibility to pursue internal and external growth opportunities Commitment to investment grade credit rating Maintain high returns on capital
.0bn 56% 1.4bn 18.g.4bn US$14. subcontracting.7bn US$4. spare parts and consumables • Logistics savings on optimisation of raw material flows SGA (US$60m) • IT synergies • Reduction in external contracts e.• Logistical and mill optimisation through transfers of semi finished products Purchasing (US$500m) • Scale effects on standardisation of procurement contracts • Optimisation and efficiencies from maintenance services. consulting services • Duplication in commercial network avoided
UNMATCHED FINANCIAL STRENGTH
Arcelor Mittal pro-forma key financials Revenue 2005 EBITDA 2005 Margin (%) Net Debt Q1-06 * Gearing Net Debt / EBITDA Cash flow from operations 2005 Capex 2005 Free cash flow 2005
Arcelor Mittal (US$bn) US$77.1bn US$5..
while Mittal has interests all around the world. Eastern Europe and CIS countries. and the fall in EU was 11. South America. Arcelor is the number 1 steel producer in the world by revenue.9% rise in demand in China and an impressive 7-8% demand in India. Africa. According to the press releases issued by the companies. He also did not get the best deal that he could have. they form • World’s number 1 steel company • Leading positions in 5 major markets • 61 plants • 27 countries • Numerous international partnerships and Joint Ventures • Opportunity to grow in China and India The new company is number 1 in North America. he has shown interest in investing large amounts of money in Jharkhand and Orissa.CONCLUSION
The largest steel company in the world is created. Mittal Steel is the world's largest steel producer at 70 million tonnes a year.Arcelor. Why has LN Mittal not concentrated on India so far? One can speculate that he was going at it step by step. amounting to about Rs. Logically his next stop would be Asia. as China and India are the fastest growing steel consumption markets. Mittal is the number 1 steel producer in the world by shipments. October 2005 saw the first battle
. Some analysts say that Mittal had to pay a much higher price than was actually required to merge with Arcelor. A very vital omission from this list is Asia and more importantly. LN Mittal’s home country. he has shown virtually no interest in the Indian market. only India is left. Total global consumption still managed to rise 5. India. as his controlling stake in the newly formed Arcelor-Mittal is lower than what was originally aimed for. a company larger than the next 3 largest steel companies combined. thanks to a massive 25.3%. Western Europe. Till now.7%. conquering the world markets one by one and now. almost double the world's second largest producer . Recently. 40.4% fall in consumption. Together. • Both companies have been leaders in steel industry consolidation • Consolidation is contributing to increased discipline by producers • Combination of top two players takes consolidation to a new level Arcelor is primarily a European player. “Consolidation creates value in the steel industry”. In 2005. the US witnessed a 15.000 crore.
• Creating the undisputed leading global steel company • Growth and value creation opportunities maximised through unique global platform • Step change in steel industry consolidation • Significant synergy potential • Financial strength and strategic flexibility reinforced • Leadership in R&D/product development • Significant free float and liquidity • Re-rating potential • Positive for all stakeholders
In the end. the CFO of Mittal Steel. Severstal had to be paid legal fees as they had been completely cut out of the deal.between the big two.Mittal and Arcelor. the idea of taking over Arcelor. Why was the deal so important for LN Mittal? In a snapshot. It has been a win-win transaction for both parties. both bid for Ukraine's largest steel mill Kryvorizhstal in an open televised bid. the Mittal-Arcelor combine would have an even larger share of the global steel market and would be able to get a better grip over steel pricing. will not be glinting enough to Mittal’s advantage.8 billion deal. at least.
. the immediate future. much more than the $3 billion at what analysts had valued Kryvorizhstal. Reports suggest that it was this bidding war with Arcelor that gave L N Mittal's son Aditya. His reason was that it would eliminate any future messy battles. Mittal beat Arcelor to the $4. If that happens. a European company had to finally give in and merge with “a company of Indians”. Now Severstal has threatened a legal battle and a fresh bid.
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