Battle for Arcelor intensifies

The battle between the world’s two largest steel companies intensified today when Mittal Steel urged Arcelor shareholders to resist an alternative tie-up in Russia.

The battle between the world’s two largest steel companies intensified today when Mittal Steel urged Arcelor shareholders to resist an alternative tie-up in Russia.

Mittal used a full page national newspaper advertisement to appeal to Arcelor shareholders to vote against a planned merger with Russian steel company Severstal.

The Arcelor board agreed the deal with Severstal as part of its defence against Mittal’s £17.6bn (€25.8bn) hostile takeover bid.

But Mittal today insisted its proposal offered Arcelor shareholders better value.

It marked an escalation in tensions between the two companies which first came to light five months ago when Mittal launched its audacious bid for Arcelor.

Arcelor’s board rejected the offer and have continued to oppose any deal with Mittal, which is owned by Britain’s richest man Lakshmi Mittal.

More in this section

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up