London: Mittal Steel on Wednesday announced it has gained 92 control of Arcelor as it moves closer to completing its US$ 31.7 billion takeover of the European rival.
Mittal, which on July 18 announced acquiring 50% share in Arcelor fulfiling the minimum requirement for takeover of the rival, said 594.5m shares and 19.9m Arcelor convertible bonds had so far been tendered, representing 91.88% of the group’s fully-diluted share capital.
The company announced that it would on Thursday reopen its offer for Arcelor that would give shareholders of the Luxembourg-based firm time until August 17 to tender their shares into Mittal’s offer.
“I am delighted at this result which is a resounding endorsement of the strategic logic and value of the merger of Mittal steel and Arcelor, a truly industry transforming deal,” LN Mittal said in a statement here.
“We are very excited about our future as one company and believe this strong vote of confidence from shareholders paves the way for a speedy integration process allowing us to realise the full benefits of working together as the undisputed world steel leader,” he said.
According to experts, ever since Mittal made the offer to Arcelor, the combined market capitalisation of the two companies has gone up by $8bn.
The merged entity, to be christened Arcelor-Mittal, would control 10% of the world’s steel making capacity that is currently estimated at 1,000m tonne a year.
Source : ET
Mittal, which on July 18 announced acquiring 50% share in Arcelor fulfiling the minimum requirement for takeover of the rival, said 594.5m shares and 19.9m Arcelor convertible bonds had so far been tendered, representing 91.88% of the group’s fully-diluted share capital.
The company announced that it would on Thursday reopen its offer for Arcelor that would give shareholders of the Luxembourg-based firm time until August 17 to tender their shares into Mittal’s offer.
“I am delighted at this result which is a resounding endorsement of the strategic logic and value of the merger of Mittal steel and Arcelor, a truly industry transforming deal,” LN Mittal said in a statement here.
“We are very excited about our future as one company and believe this strong vote of confidence from shareholders paves the way for a speedy integration process allowing us to realise the full benefits of working together as the undisputed world steel leader,” he said.
According to experts, ever since Mittal made the offer to Arcelor, the combined market capitalisation of the two companies has gone up by $8bn.
The merged entity, to be christened Arcelor-Mittal, would control 10% of the world’s steel making capacity that is currently estimated at 1,000m tonne a year.
Source : ET