Mittal says receives shareholders' approval for Arcelor deal |
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Published
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Wed, 26 Jul 2006 17:00
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LONDON - The world's largest steel maker, Mittal Steel said that 92% of Arcelor shareholders have approved the takeover deal as of Wednesday. The deal if fully closed will hand Mittal 10 percent of the world's global steel production market.
Mittal needed at least 50 percent Arcelor shareholders to approve the deal and with 92 percent it has more than enough. Mittal Chairman and Chief Executive Lakshmi Mittal said he was delighted with the resounding approval for the deal. "The result of the tender offer is a resounding endorsement of the strategic logic and value of the merger of Mittal Steel and Arcelor. It is a truly industry-transforming deal,'" he said in a statement.
"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 process allowing us to realize the full benefits of working together as the undisputed world steel leader."
Mr Mittal added that he was excited about the deal. The closure of this deal is expected to pave the way fro the sale of Canada's Dofasco Inc, which was acquired by Arcelor earlier this year. Mittal has indicated that he would sell Dofasco to Germany's ThyssenKrupp group.
In a short note on its website, Arcelor acknowledged that the Mittal deal had received "massive response." Arcelor shares surged 7 percent in Paris, while Mittal rose by 4.6 percent in Amsterdam.
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