AP via Yahoo! News
Mittal Steel Co. sweetened its hostile bid for Arcelor SA on Friday in an attempt to increase pressure on its rival to agree to a deal, raising its offer by 34 percent and saying it would reduce the Mittal family’s stake in the company.
Merging the world’s top steelmakers would create a company with nearly a 10 percent share of global production
Mittal said it would also adopt a one-share, one-vote structure that replaces a current structure with different classes of stock holding different rights. If the offer is accepted, Mittal Steel said the family stake in the new combined company “will be around 45 percent in share capital and voting rights.” The family currently controls an 87 percent stake.
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