Mittal Steel Says It Has 50% Of Arcelor Shares

Mittal Steel, the biggest steel producer in the world, announced July 18 that it had acquired at least 50% of Arcelor shares, the minimum amount Mittal has set for the takeover to go ahead.

"It has determined that, on a preliminary basis and based on statements made by financial intermediaries, the minimum tender condition of the offer - 50% of Arcelor outstanding shares on a fully diluted basis as set forth in the offer prospectus -- has been met," Mittal said in a statement.

On July 26 Mittal will announce the final response to the offer, which was launched in five countries, namely Belgium, Spain, Luxembourg, the U.S. and France.

The share and cash offer from Mittal Steel values Arcelor at about 25.4 billion euros (US$32.4 billion) and is expected to create by far the biggest steel group in the world.

Copyright Agence France-Presse, 2006

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