Arcelor declares merger with Mittal Steel
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Sunday, June 25, 2006
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.
Sources
- "Arcelor agrees to Mittal merger". International Herald Tribune, June 25, 2006
- "Arcelor, Mittal decide to merge: Reports". Rediff.com, June 25, 2006
- "Arcelor-Mittal facts". TheStar.com, June 25, 2006
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