Arcelor Mittal+Report | Mergers And Acquisitions | Euro

Arcelor-Mittal Merger Report

“A Union of Titans”

Background
Mittal Steel
Mittal Steel is the world's largest and most global steel company, with shipments of 49.2 million tons and revenues of over $28.1 billion in 2005. They own steelmaking facilities in 16 countries, spanning four continents. They employ 224,000 people spanning 49 different nationalities. Their shares are listed on the New York and Amsterdam stock exchanges. Mittal Steel has set the pace for the consolidation and globalization of the world steel industry. They have taken on a range of acquisitions, many of them formerly public sector-owned companies, and made successes of them. In the process they have spread best practice and modern production techniques throughout their plants. Their capital investment programme is unmatched in the industry. Their 5000 strong customer base, spanning 150 countries, includes household names in the automotive, engineering and appliance sectors. A force in every segment of the steel market, Mittal Steel produces a broad range of high-quality finished and semi-finished products for the flat and long products markets. Mittal Steel is among the most efficient steel producers in the world. They encompass all aspects of modern steelmaking, combining both integrated and mini-mill facilities and producing much of the iron ore and coking coal used in their furnaces. They are also among the most advanced steel makers, operating a range of modern technologies. 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. With two technical research facilities, their product development teams are ready to meet the needs of the most demanding customers.

Board of Directors
Lakshmi N. Mittal Aditya Mittal Wilbur L. Ross Narayanan Vaghul Ambassador Andrés Rozental René Lopez Muni Krishna T. Reddy Lewis B. Kaden Vanisha Mittal Bhatia 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 Member of the Board of Directors Member of the Board of Directors Member of the Board of Directors Member of the Board of Directors Member of the Board of Directors

and has over 30 years of experience working in steel and related industries. Other related activities of Mittal Steel include shipping. . Mr. Mr. Mittal began his career working in the family’s steelmaking business in India. Mr. Lakshmi N. and graduated from St.. Mittal Steel is a significant contributor to local community and welfare activities for employees in countries where the Group operates. acquisition and turnaround of steel assets has led to its emergence as one of the world’s fastest growing steel producers. 1950. Mittal is an active philanthropist and a member of various trusts. Mr. the International Investment Council in South Africa. Xavier’s College in Calcutta where he received a Bachelor of Commerce degree.S. Mittal Steel is the only truly global steel producer in the world with operations on 14 countries. Previously. Mittal is a member of the Foreign Investment Council in Kazakhstan. He is a Director of ICICI Bank Limited and is on the Advisory Board of the Kellogg School of Management in the U. and has a son. the World Economic Forum’s International Business Council and the International Iron and Steel Institute’s Executive Committee. together with the simultaneous announcement of the acquisition of International Steel Group in the US to form the world’s largest steel producer. Mittal – Profile Mr. He founded the company in 1976 and has been responsible for the strategic direction and development of its businesses. for outstanding vision. Mittal was awarded Fortune magazines “European Businessman of the Year 2004”. Mr. Vanisha Mittal. Aditya Mittal and a daughter. he was awarded “Steelmaker of the Year” in 1996 by New Steel in the USA. Mittal is the Chairman and CEO of Mittal Steel Company. entrepreneurship. leadership and success in global steel development from American Metal Market and PaineWeber’s World Steel Dynamics. and the “Willy Korf Steel Vision Award” in June 1998. Following the transaction combining Ispat International and LNM Holdings to form Mittal Steel in December 2004.Lakshmi N. He is married to Usha Mittal. Over the years. spanning 4 continents. 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. He was born in Sadulpur in Rajasthan. Mr. India on June 15. Mittal’s ability to guide the company in its identification. and mining. power generation and distribution.

LNM Holdings buys 70 per cent of ALFASID from the Algerian government and renames it Ispat Annaba. The Group buys a 5. renowned for its mini-mill expertise and renamed as Ispat Hamburger Stahlwerke. Renames it Ispat Sidex. 1989 Iron & Steel Company Of Trinidad & Tobago 1992 Sibalsa 1994 Sidbec-Dosco 1995 Hamburger Stalwerke Karmet 1998 Inland Steel Company 1999 Unimétal 2001 ALFASID SIDEX 2002 Business assistance agreement signed with Iscor 2003 Nova Hut . including Trefileurope and SMR. LNM Holdings signs an agreement to buy Nova Hut. from the Czech government. Germany’s fourth largest producer of wire rod. Ispat International buys America’s fourth largest steelmaker. Iscor. Ispat Iscor has now been renamed Mittal Steel South Africa. at an all-in cost of $905 million. Unimetal Group. renamed Ispat Karmet. takes effect in January 2003 and the company is renamed Ispat Nova Hut.5 million tons pa blast furnace steel plant in Kazakhstan. LNM Holdings acquires SIDEX. Canada’s number four steel maker is bought from the Government of Quebec and renamed Ispat Sidbec. LNM Holdings signs a business assistance agreement with the South African steel producer. LNM subsequently takes control of Iscor in June 2004. the largest steel producer in the Czech Republic. an integrated steelworks in Galati.Mittal Steel Growth Timeline Year Acquired Description A modern technologically advanced Steel Complex. Inland Steel Company and renames it Ispat Inland. Renamed as Ispat Mexicana. from Usinor. Mexico’s Third Largest Steel Producer. Ispat International buys the French company. The acquisition. Renamed as Caribbean Ispat. being privatized by the Romanian government.

one of China’s top ten steelmakers with annual capacity of 8. LNM adds to its downstream activities in the Balkans with the acquisition of hot and cold rolling mills in Skopje. Mittal Steel signs a mining development agreement with the Government of Liberia. and renames it Ispat Polska Stal (IPS).5 million tons a year but is close to bankruptcy at the time of acquisition. Mittal Steel announces an agreed takeover of International Steel Group of the US in a cash and shares deal worth $4. The move marks Mittal Steel’s entry into the Chinese steel industry.’ Mittal Steel announces a share purchase agreement to acquire 36. Ispat Inland. The enlarged Mittal Steel will span the globe with around 30 per cent of its assets in North America. The acquisition of ISG is completed and the company is merged with Mittal Steel’s existing US operation.5 million tonnes. 2005 Acquisition of stake in Hunan Valin ISG Acquisition Completed Mittal Steel Europe Created MDA with Liberian Govt. 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. LNM Holdings and Ispat International announce their merger . are renamed Ispat Skopje. The two mills.5 billion. Once the proposed acquisition is completed.2004 Polski Huty Stali LNM Holdings buys a controlling holding in Poland’s leading steel producer. committing itself to the biggest ever investment in Bosnia by a foreign company.67 per cent of Hunan Valin Steel Tube & Wire. merging its western European operations with its central and eastern European operations to form one unified business structure – Mittal Steel Europe.to form Mittal Steel. Macedonia. . dormant for two years. Chairman Lakshmi Mittal declares his intention to make the Group ‘the lowest cost steel producer in every market. Polskie Huty Stali. Mittal Steel restructures its European business. LNM Holdings buys Bosnia’s BH Steel. 30 per cent in Europe and the remaining 40 per cent split between Asia and Africa. The company boasts a capacity of over 6. At the same time. giving Mittal Steel access to about one billion tonnes of iron ore resources in the west of the country. BH Steel Macedonian facilities from Balkan Steel Creation Of Mittal Steel and Proposed Acquisition Of International Steel. and subsequently re-named Mittal Steel USA.

8 billion following a public auction in Kiev. Kryvorizhstal is Ukraine’s leading steelmaker with annual steel production of 7. Transaction completed in February 2006 at a cost of C$30 million MOU with Jharkhand. Mittal Steel expects to invest $9 billion establishing mining and steel making operations in the state.. Company subsequently renamed Mittal Steel Kryviy Rih. Stelfil Ltée and Stelwire Ltd.7 million tonnes and more than one billion tonnes of iron ore resources. from Stelco Inc.Acquisition of Kryvorizhstal Kryvorizhstal is acquired for $4. India. Mittal Canada enters into definitive agreement for the acquisition of Norambar Inc. Mittal Steel signs a Memorandum of Understanding with the State of Jharkhand. India Acquisition of Stelco subsidiaries .

2002. Arbed and Usinor. 1997 : Creation of ACERALIA CORPORACION SIDERURGICA and strategic alliance with the Arbed Group. when the Arcelor share was listed on several stock exchanges. the merger became effective on February 18.Majority shareholding in Belgo-Mineira 1999 : Takeover of UCIN in Spain 2000 : Sale of the shareholding in Samitri Usinor . Aceralia 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. industrial. The choice of the name Arcelor was announced on December 12. by utilizing the profitable assets of Corporacion de la Siderurgia Integral. and commercial synergies in a joint venture to create a global leader with the ambition of becoming a major player in the steel industry.Arcelor Arcelor was created by the merger of Aceralia. Operations begin in 1995. now STAHLwerke BREMEN 1997 : Strategic partnership with ACERALIA (formerly CSI) in Spain 1998 : Integration of ARISTRAIN in Spain . Officially launched on February 19. 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. 2001. and the determination of these three European groups to mobilise their technical. 2001.

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.H. owner of EKO Stahl 1999 : Re-organization of the Usinor group Board of Directors Joseph Kinsch José Ramón Álvarez Rendueles H. which takes over from Forges et Aciéries du Nord et de l'Est and Hauts Fourneaux. Forges et Aciéries de Denain-Anzin 1948 : Creation of Sollac. Prince Guillaume of Luxembourg John Castegnaro Jean-Yves Durance Noël Forgeard Jean-Pierre Hansen Ulrich Hartmann Corporación JMAC BV represented by Antoine 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 Chairman of the Board of Directors Vice-Chairman of the Board of Directors Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director .R.1948: Creation of Usinor. which takes over from the Lorraine steel industry 1964 : Creation of Sacilor.

Guy Dolle categorically turns Mittal down.2%.S. Mittal would become the leader in providing steel to the automotive industry in Europe and the U. The next largest producers after Mittal and Arcelor are Nippon Steel Corp and Posco. to EURO 28. January 29: Arcelor rejected the offer and the French government said it has "great concerns" about the merger.6.63. but he was confident Arcelor's shareholders will back the bid.. The market sent Arcelor's Paris-listed shares soaring 29%. at EURO 27. . Mittal shares listed in Amsterdam closed up 6. 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. Mittal said that Arcelor Chief Executive Guy Dolle wasn't positive about the approach. Arcelor is primarily a European producer while Mittal is scattered around the globe. Arcelor has plants in France.The Initial Bid and the Rejection January 14: LN Mittal talked to Arcelor CEO Guy Dolle about the possibility of Mittal Steel acquiring Arcelor. Steel shares around the world also rose. January 27: Mittal Steel launches a formal takeover bid for $22 billion dollars. and would lead in the North American Free Trade Area in appliances and packaging.

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. The bid stirred up passions amongst politicians. They dismissed the idea of a merger with a "company of Indians". . With the European Commission being accused of protectionism and racism.'the Indians' -. There was a lot of controversy where racist remarks were made against LN Mittal. In London. Arcelor's CEO. a columnist for The Guardian spoke of how the bid unleashed a new wave of 'economic patriotism. other leaders. and common man. Guy Dolle. The European Union said it was against racial discrimination and the issue would be treated only on commercial considerations.rather than as global entrepreneurs.' adding that Mittal and his family were often portrayed as aliens -.

90 billion and says it would reduce the Mittal family's stake in the company. May 18: Mittal formally launches its offer. announcing plan to spend up to $9. Mittal's offer to revise its bid. Arcelor toughens its stance. . April 28: Mittal tells Kinsch he is ready to make "significant corporate governance changes'' and revise the offer.'' May 10: Arcelor Chief Executive Guy Dolle describes as "insufficient''. although profits suffer due to higher costs of raw materials. 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.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 9: Mittal Steel says it is ready to revise the offer and make corporate governance changes "in the event of a recommended deal.5 billion to buy back almost a quarter of its shares. May 12: Both companies announce better-than-expected results. May 19: Mittal raises its offer by 34 percent. May 4: Kinsch says the offer is "wholly inadequate'' and Arcelor has significant concerns about the real value of Mittal shares. bringing it up to $32.

centered in the northern city of Cherepovets. Severstal revised the terms of its merger proposal.Severstal – A New Player Severstal is a Russian company mainly operating in the steel industry. May 26: Arcelor announces a deal with Severstal that will give it a controlling stake in Russia's steelmaker and $16. The company is owned by Alexei Mordashov. June 20: In a bid to woo Arcelor.4 billion for 32 percent of Arcelor. but mandates its board to explore possible improvements to the Mittal offer at a later date. Arcelor says the revised offer still undervalues the company and urges shareholders to support the Severstal merger instead. June 9: Arcelor confirms it has held talks with Mittal on the term of its bid. but is prepared to make changes related to corporate governance. June 6: The European Commission approved the Mittal-Arcelor merger. . behind Evraz Group. Mittal says it won't budge on price. 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. saying that majority owner Mr Alexei Mordashov would settle for 25 per cent of the new group rather than the initially proposed 32.3 per cent and raised its offer by about 2 billion. As such it is the second largest steel company in Russia. June 12: Arcelor rejects Mittal revised bid and recommends shareholders accept deal with Severstal.

3 billion.Agreement to Merger and Final Merger June 19: Arcelor cancels shareholder meeting on share buyback amid growing shareholder opposition.20." Kinsch said. June 30: Paving the way for a merger between Arcelor and Mittal Steel. Spain. . saying the India-born steel tycoon L N Mittal and the markets had finally recognised Arcelor's "true value.3 billion.000 employees producing about 116 million tonnes of steel annually.95% per cent of Arcelor shareholders voted against the Severstal offer. In the process. June 21: Market regulators in France. Arcelor chairman Joseph Kinsch told shareholders that the long fight with Mittal was worth it. saying they want more clarity on the state of talks with Mittal and Severstal." "We have created in five months more than EURO 12 billion in value. June 24: Talks on between Mittal Steel and Arcelor June 25: Arcelor's board agrees to sweetened bid from Mittal worth about $32. which was approved by the Board of Arcelor on June 25 after a five-month long battle. accounting for about 10% of the world market. Luxembourg and Belgium suspend Arcelor shares. 57. Arcelor had recommended acceptance of share and cash from Mittal Steel valuing at about $32. they accept Mittal Steel's $32. an overwhelming majority of shareholders of the Luxembourg-based firm vote down a merger proposal from Russia's Severstal.3 billion offer. which creates a group with 3.

3bn (US$1. as well as leading position in North America Enjoy unparalleled access to new high-growth markets: Central and Eastern Europe.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 . Africa. stabilize earnings and increase shareholder returns • Annual synergies increased by 60% to €1.Snapshot View of the Merger Transaction highlights • Arcelor Mittal: A merger of equals with shared management for successful integration – Ownership of 50.6bn) The Combined Vision • • • • • • Combination driven by simple and compelling industrial logic.5% for Arcelor investors and 49. 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. 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 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.

Operations in high-growth economies with low-cost. to have leadership position in high end segments in Western Europe with strong R&D capabilities. Increased free float and liquidity From Arcelor Point Of View • • • • • • Mittal Company will accomplish Arcelor’s stated plan in the most efficient way. with strong R&D capabilities. Leadership position in high-end segments in North America. all non executive (majority independent) • . profitable assets and local operating expertise in numerous emerging markets.• 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 A Win-win transaction for all stakeholders From Mittal Point Of View • • • • • Merger would take consolidation to a new horizon. Arcelor becomes a global player. 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. Successful distribution business in Europe. Mr Mittal becomes Chairman o The Board of Directors will be composed of 18 members. Mr Mittal to be President o Upon Mr Kinsch’s retirement. Access to raw materials and upstream integration. Finer Details of Merger • Shareholder voting rights All shares with identical voting and economic rights: One share . Low Cost slab manufacturing in Brazil that can be expanded for export to Europe and North America. Mittal Co.

subject to certain exceptions. 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.. 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. 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) . Exceptions in certain circumstances . 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. including the Chairman. corporate governance rules and certain other conditions terminate • Standstill Mittal family has agreed to a standstill at 45% of share capital.• 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. shareholders to elect Board of Directors • Board Committees o an Audit Committee composed solely of independent directors o an Appointments and Remuneration Committee composed of 4 members. CEE.g.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. CIS.

6% US$24.7x US$9. productivity gains with better sequencing rates.4bn US$14..g. spare parts and consumables • Logistics savings on optimisation of raw material flows SGA (US$60m) • IT synergies • Reduction in external contracts e..• Benchmarking and best practice alignment across all operating assets • Optimisation of utilisation of assets through selected mill product specialisation (e.1bn US$5.7bn US$4. consulting services • Duplication in commercial network avoided Unmatched Financial Strength Arcelor Mittal pro-forma key financials Revenue 2005 EBITDA 2005 Margin (%) Net Debt Q1-06 * Gearing Net Debt / EBITDA Cash flow from operations 2005 Capex 2005 Free cash flow 2005 Arcelor Mittal (US$bn) US$77.0bn 56% 1.g.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 . subcontracting.4bn 18. fewer changeovers) • 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.

the US witnessed a 15.4% fall in consumption.3%. 40. Recently. 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. as China and India are the fastest growing steel consumption markets. In 2005. A very vital omission from this list is Asia and more importantly. Till now. “Consolidation creates value in the steel industry”. Why has LN Mittal not concentrated on India so far? One can speculate that he was going at it step by step. thanks to a massive 25. Total global consumption still managed to rise 5. Logically his next stop would be Asia.000 crore. • 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.9% rise in demand in China and an impressive 7-8% demand in India. . and the fall in EU was 11.• Maintain high returns on capital Conclusion The largest steel company in the world is created. Eastern Europe and CIS countries. South America. According to the press releases issued by the companies. while Mittal has interests all around the world. he has shown interest in investing large amounts of money in Jharkhand and Orissa. only India is left. Together.7%. he has shown virtually no interest in the Indian market. Africa. Western Europe. amounting to about Rs. Arcelor is the number 1 steel producer in the world by revenue. conquering the world markets one by one and now. a company larger than the next 3 largest steel companies combined. Mittal is the number 1 steel producer in the world by shipments. India. LN Mittal’s home country.

much more than the $3 billion at what analysts had valued Kryvorizhstal. the CFO of Mittal Steel. the immediate future. as his controlling stake in the newly formed Arcelor-Mittal is lower than what was originally aimed for. If that happens. will not be glinting enough to Mittal’s advantage. . the idea of taking over Arcelor. October 2005 saw the first battle between the big two. Why was the deal so important for LN Mittal? In a snapshot. His reason was that it would eliminate any future messy battles.Some analysts say that Mittal had to pay a much higher price than was actually required to merge with Arcelor. It has been a win-win transaction for both parties.Mittal and Arcelor.8 billion deal. at least. Severstal had to be paid legal fees as they had been completely cut out of the deal.Kryvorizhstal in an open televised bid. Mittal Steel is the world's largest steel producer at 70 million tonnes a year.Arcelor. a European company had to finally give in and merge with “a company of Indians”. He also did not get the best deal that he could have. almost double the world's second largest producer . Mittal beat Arcelor to the $4. 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. both bid for Ukraine's largest steel mill . Now Severstal has threatened a legal battle and a fresh bid. Reports suggest that it was this bidding war with Arcelor that gave L N Mittal's son Aditya. • 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.

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