Arcelor accepts upped Mittal takeover bid

This is, at the moment, still rumour and not confirmed ….

I’ve talked about this here before. I can’t work out (and no other commentators seem able to either) if this is going to be good for steel consumers or bad. There seem to be arguments pro and con, and no one has a good handle on which is more likely to dominate.

Yahoo! News
European steel maker Arcelor accepted an improved takeover bid from Mittal Steel to create a steel giant three times larger than any rival, sources familiar with the matter said on Sunday.

[…] create a global giant with an annual output of over 100 million metric tons.

After a five-month takeover battle involving an Indian-born billionaire, a Russian oligarch and governments across western Europe, the sources told Reuters that Arcelor’s board voted unanimously for Mittal’s revised offer.

There was no immediate confirmation from either company.

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