Mittal Steel interested in acquiring Arcelor SA
Mittal Steel, owned by the richest Indian in the world, Laxmi Mittal has announced their unsolicited bid to buy Arcelor SA for 18.6 billion euros. If the deal indeed goes through, it would totally change the steel market in the world, as it would lead to one of the biggest mergers in the industry leading to consolidated market.
Mittal Steel has bid 28.21 euros a share for Arcelor. In another news, the company also said that they are agreed to a deal to sell Canada’s Dofasco Inc. to Germany’s ThyssenKrupp AG. If Mittal Steel acquires Arcelor, the company would control about 10 percent of the global steel industry.
This would also become the biggest deal in the Steel industry and interestingly, it would better another deal from Mittal Steel when they acquired LNM Holdings NV for $15.8 billion 2 years ago. Mittal is already the biggest steel maker in the US market after they acquired International Steel Group ISG for $4.5 billion last year.