Arcelor declares merger with Mittal Steel
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Arcelor, Luxembourg's largest steel company, has reached in an agreement with Mittal Steel over a €26.9 billion merger (at €40.44 per share). The new company will be called Arcelor-Mittal. Mittal Steel will hold 45% stake in the new company. Arcelor would pay Severstal €130 million as a "fine" for the fall-out of their failed talks. Lakshmi Mittal (owner of Mittal Steel) and Joseph Kinsch (current Arcelor chairman) will be the co-chairmen of the new company. The new company will have a net capacity of 120 million tonnes.
Arcelor, Luxembourg's largest steel company, has reached in an agreement with Mittal Steel over a €26.9 billion merger (at €40.44 per share). The new company will be called Arcelor-Mittal. Mittal Steel will hold 45% stake in the new company. Arcelor would pay Severstal €130 million as a "fine" for the fall-out of their failed talks. Lakshmi Mittal (owner of Mittal Steel) and Joseph Kinsch (current Arcelor chairman) will be the co-chairmen of the new company. The new company will have a net capacity of 120 million tonnes.
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Licensed archive reporting by Wikinews contributors. Text: CC BY 2.5 (https://creativecommons.org/licenses/by/2.5/). Original source date retained. 411 has not independently verified this archive report.
Read the source: Wikinews ↗Source published 25 Jun 2006, 05:30 am IST
