Lakshmi Mittal Sweetens Hostile Takeover Bid of Arcelor
By Angsuman Chakraborty, Gaea News NetworkFriday, May 19, 2006
Mittal Steel (MT.N) raised its offer by a third and dropped a key demand for family control over the combined global steel giant.
In a surprise move on Friday, just a day after the hostile bid was formally launched, Mittal boosted its total value by 6 billion euros to over 24 billion euros ($30.7 billion).
A source familiar with the matter however said Mittal had considered raising its offer for more than a week, as Arcelor’s share price traded at an increasing premium to its previous bid, implying Arcelor shareholders were unlikely to accept that offer.
Lakshmi Mittal, the world’s fifth-richest man according to Forbes magazine, had previously said he would raise his bid only if he got a recommendation from Arcelor’s board.
Mittal Steel said in a statement that it was now offering a choice between one new share and 11.10 euros in cash for each Arcelor share, 17 Mittal Steel shares for every 12 Arcelor shares, or 37.74 euros in cash for each Arcelor share.
If successful, Mittal Steel would become a global giant worth around $40 billion, employing 320,000 people and producing about 10 percent of the world’s steel.
via New York Times
I wish Lakshmi Mittal all the best.
May 24, 2008: 10:31 pm
sir, my name is mahesh. i am working in uae.my slary is very poor.now i am in a trouble.in july my girl friends marriage is fixing.i want go india.and marry her.sir dont have money to buy air ticket.iwant go india and come back to uae.sir pls give me 75000/rs.after one year i will give back the money.dont avoid my request.i expecting u r reply. regrads, mahesh. |
nishaan amin |
January 5, 2008: 11:00 pm
Sir, I can bring something new to your under 16 team, and even more to your more older teams when i grow with age. Look forward to your reply, Yours Sincerely, Jaishrikrishna |
November 18, 2007: 6:55 am
I am sure you understand that I am not Laxmi Mittal, nor associated with him in any way. |
November 15, 2007: 10:34 pm
To, Respected Sir, Thanks Regards |
IIT-Kharagpur |
October 29, 2007: 10:51 am
Dear sir, |
October 15, 2007: 1:33 am
I from turkey in kocaeli I am a worker I am twentyfive age friendship seek |
Jagjit Singh |
August 12, 2007: 8:32 pm
Dear Sir, Looking forward to hear from you soon . Warmest Regards, Jagjit Singh |
kavisha shukla |
July 25, 2007: 8:12 am
RESPECTED SIR |
June 24, 2007: 2:25 am
Respected Sir I am k.rengaraj, and i was studied M.Sc. chemistry in st.joseph’s college (autonomous) trichy, tamilnadu, india. now i am working only for daily wages, per month salary is $50 only my family have very elder father and mother, with this amount i cannot run my family, i would like to start a new business like small business, that needed $40,000 only, with this i can remve my family poverty and i will run new bussiness and at the same time we can remove 5 family with that job. so kindly allot the amount to me i am very poor family kindly reply favourable reply my address |
RADHA KRISHNAN |
February 21, 2007: 11:06 am
sir, I am Doing my MBA ii year . 1.What the strategy adopted by laxmi mittal in the takeover of Arcelor |
September 21, 2006: 10:09 am
Dear Sir, Thanks |
July 21, 2006: 4:56 am
I think the Mittals should now acquire online companies like https://www.MetalBids.com in inorder to secure the supply and sales lines worldwide. |
May 19, 2006: 10:23 am
I wouldn’t really term it as “Indian invasion” |
Benjahmin |
May 19, 2006: 8:37 am
I think Indian invasion of the world is unavoidable. Soon the largest condom company will be owned by an Indian. I wish Mittal and friends all the best. |
mahesh