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  • French pride shattered: Mittal Steel launches £12.75bn Arcelor bid

    01/27/2006 4:35:54 AM PST · by wolf78 · 14 replies · 740+ views
    TIMES Online ^ | January 27, 2006 | Miles Costello
    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...