Arcelor board to meet Sunday

24-08-2006

The board of takeover target Arcelor is to meet on Sunday to assess rival bids from Mittal Steel and Russia's Severstal before making a recommendation to shareholders.

"The board has decided unanimously to meet again on Sunday June 25 at 10am [08:00 GMT] in order to take a decision regarding the latest proposals of Mittal Steel and of Mr Mordashov [owner of Severstal]," the steel giant said in a statement.

Mittal, owned by Britain-based billionaire Lakshmi Mittal, has made a €25 billion bid (£17 billion) for the firm, and may improve its offer, according to analysts.

Shares in Arcelor were suspended yesterday, pending a statement from the group on Mittal's and Severstal's positions.

Shares in the Luxembourg-based group were down 1.07 per cent at 35.02 euros in Paris at the time of their suspension.

Under its revised bid, Severstal has agreed to a 25 per cent stake in Arcelor instead of the original 32.3 per cent and pledged to raise its offer by about €2 billion.



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