Free Republic

LONDON (AFP) - Mittal Steel, the world's biggest steel producer has announced that it controls 91.88 percent of European steel maker Arcelor following its 25-billion-euro takeover bid. "I am delighted at this result which is a resounding endorsement of the strategic logic and value of the merger of Mittal Steel and Arcelor, a truly industry transforming deal," Mittal chairman Lakshmi Mittal said in a statement received by media in London on Wednesday. He added: "We are very excited about our future as one company and believe this strong vote of confidence from shareholders paves the way for a speedy integration...

Billionaire steel magnate Lakshmi Mittal has launched an audacious £12.75 billion takeover attempt on rival Arcelor of France - in a move that would see him strengthen his position at the top of the world's steel industry. Mittal Steel, Mr Mittal's Dutch listed steel giant, said today it had offered €28.21 a share for Arcelor in an €18.6 billion bid that, if successful, would create the world's biggest steelmaker and the first producer capable of making more than 100 tons of steel a day. As he pitched his offer at a 27 per cent premium to last night's closing price...