Arcelor Mittal will not sue Strategic Steel Stichting over Dofasco |
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Published
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Wed, 10 Jan 2007 09:26
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PARIS - Arcelor Mittal said it will not sue independent Dutch foundation Strategic Steel Stichting over Canadian steelmaker Dofasco.It said it based its decision on 'opinions from legal experts that the prospects for success of any such litigation ... are remote.'As part of last year's merger of Arcelor and Mittal Steel, Mittal Steel had promised to sell Dofasco, acquired by Arcelor in March last year, because of US anti-competitive concerns.But in an attempt to thwart Mittal's takeover bid, Arcelor transferred its Dofasco shares to Strategic Steel Stitchting.Thyssenkrupp AG launched legal action against Arcelor Mittal in December for breaching an agreement to sell it Dofasco as agreed under the terms of the merger.But Simon Evans, Arcelor Mittal's general counsel reiterated today: 'Thyssenkrupp's suit is entirely without merit.'Evans added: 'Mittal Steel is not obligated to commence litigation' in which it has 'only a remote prospect of success.'A hearing on Thyssenkrupp's suit is scheduled for tomorrow in Rotterdam.victoria.main@afxnews.coman/vm/icCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Mittal says receives shareholders' approval for Arcelor deal 