Netherlands-based Mittal Steel Co. has received approval from its shareholders as well as those of International Steel Group Inc. (ISG) to purchase ISG and create the world’s largest steel company.
ISG, based in Richfield, Ohio, has been acquired for stock and cash worth about $4.5 billion, according to Mittal Steel Co. officials. Shareholders in both the United States and the Netherlands have approved the deal, according to published reports.
Mittal announced plans in late 2004 to take over ISG and merge it with two companies owned by the family of Indian-born tycoon Lakshmi Mittal: Ispat International NV and LNM Holdings NV.
The newly combined Mittal Steel Company, based in Rotterdam, is expected to have sales of more than $30 billion this year and will employ some 165,000 people. It is majority owned by the Mittal family.
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