Mittal Steel Company N.V. submitted a direct offer to the Government of the Czech Republic to purchase Vitkovice Steel. Mittal Steel offered for the majority shareholding in VS a total consideration of Czk 9 billion (US$360 million). The offer was submitted to the Czech Prime Minister July 1.
In addition to the offered price Mittal Steel proposed a settlement of all outstanding disputes between Osinek and Vysoke Pece Ostrava by accepting Osinek's terms and conditions proposed previously.
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