Arcelor Rejects Mittal Offer

Despite rejection, many steel analysts expect to see increase in steel mergers, acquisitions.

Published January 30, 2006

The board of directors for Arcelor, the second largest steel company in the world, has rejected an offer by Mittal to acquire the steel company.

According to Arcelor, in an announcement Jan. 29th, the company’s board has decided the following:

 

Unanimously reject Mittal steel’s unsolicited proposal which it considers hostile;

 

Recommend to Arcelor shareholders not to tender their shares for the proposed officer;

 

Mandate the management board to present to the board of directors all actions and options that are in the best interests of the shareholders

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