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By NEW YORK TIMES NEWS SERVICE | May 26, 2006
LONDON --Arcelor Group, struggling to fend off a hostile takeover bid from the world's largest steel producer, is planning to sell one-third of the company to a Russian steel company controlled by the billionaire Aleksei Mordashov, according to executives involved in the negotiations. The board of Arcelor, based in Luxembourg, met last night to approve the deal, which would turn the Russian company, Severstal, into Arcelor's largest shareholder. The purchase, which may be announced this morning, would then be put to a shareholder vote.
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NEWS
February 22, 2007
The Justice Department's decision to require the sale of the Sparrows Point Mill as a condition of Mittal Steel Co.'s $33 billion acquisition of Arcelor SA is not necessarily bad news for Sparrows Point. But it's not necessarily good news, either. It means only that the Point's future is as uncertain as ever, and that's something the facility's 2,400 workers can probably live with. In theory, one would think that it's better to be part of the world's largest steel producer. That's the view of United Steelworkers - the union is asking federal officials to reconsider the order.
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BUSINESS
By ALLISON CONNOLLY and ALLISON CONNOLLY,SUN REPORTER | July 19, 2006
Mittal Steel Co. NV said yesterday that it has succeeded in its $32 billion takeover bid for Luxembourg-based Arcelor SA, having acquired half of Arcelor's shares. While the final tally won't be announced until next Wednesday, Mittal officials said they are confident that enough Arcelor shareholders have agreed to sell their shares to Mittal, which is based in Rotterdam, the Netherlands. The merger would create the world's largest steelmaker, to be called Arcelor-Mittal, with annual production of more than 110 million tons.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | January 24, 2007
A Dutch court yesterday tossed out a bid by ThyssenKrupp AG to force Arcelor Mittal to honor a pledge to sell Canadian steelmaker Dofasco, but it's not clear whether Mittal will sell either its steel plant in Sparrows Point or Weirton, W.Va. The Justice Department gave Mittal until Jan. 28 to sell Dofasco Inc. to ensure it would not have a monopoly on tin production in the United States after its $33 billion merger with Luxembourg-based Arcelor SA. If Mittal is unable to sell Dofasco, a manufacturer of high-grade sheet metal for the North American auto industry, the Justice Department has said Mittal must sell either its Sparrows Point or Weirton facility.
BUSINESS
By BLOOMBERG NEWS | September 27, 2006
RIO DE JANEIRO, Brazil -- Mittal Steel Co. NV, the world's largest steelmaker and owner of the Sparrows Point steel mill, is reviewing a Brazilian regulatory order that may raise the cost of its $38 billion merger with Luxembourg-based Arcelor SA by almost 10 percent. Mittal's combination with Arcelor is considered a takeover under Brazilian law, the securities regulator, known as the CVM, said on its Web site Monday night. The ruling requires Mittal to bid for shares it doesn't own in Arcelor's Brazilian unit.
BUSINESS
By BLOOMBERG NEWS | May 12, 2006
WILMINGTON, Del. -- Arcelor SA, the target of a 22.8 billion-euro ($29 billion) hostile bid from Mittal Steel Co., is suing its larger rival in the U.S. over technology used to strengthen steel for cars. Arcelor accused Mittal's Chicago subsidiary of infringing on a 2001 patent. The lawsuit was filed Tuesday in federal District Court in Wilmington and seeks unspecified damages and an order to stop Mittal from using the technology. Mittal, the world's largest steel company, is involved in a hostile takeover of Arcelor, Europe's largest steelmaker.
BUSINESS
By BLOOMBERG NEWS | June 24, 2006
LONDON -- Mittal Steel Co., owner of the Sparrows Point steel mill in Baltimore County, said yesterday that it was close to buying Arcelor SA, an agreement that would end a five-month struggle and lead to the biggest steel-industry merger. "Talks are ongoing and constructive" and some parts of the offer "in principle have been agreed," said Sudhir Maheshwari, Mittal's managing director for business development and treasury. The two companies planned to continue talks today, Maheshwari said.
BUSINESS
By ALLISON CONNOLLY and ALLISON CONNOLLY,SUN REPORTER | August 2, 2006
Mittal Steel Co. NV must sell either Sparrows Point or a sister plant in Weirton, W.Va., if it can't dispose of a Canadian subsidiary to resolve antitrust issues arising from its merger with Arcelor SA, Justice Department officials said yesterday. Saying the combined company would have a monopoly on tin production in the United States, the Justice Department filed a civil lawsuit in U.S. District Court in Washington yesterday to block the $33 billion merger if Mittal does not comply. "Without a divestiture of one of these steel mills, purchasers of tin mill products likely would have paid higher prices that would have harmed American consumers," Thomas O. Barnett, assistant attorney general in charge of the department's antitrust division, said in a statement issued yesterday.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | November 7, 2006
Steel magnate Lakshmi N. Mittal tightened his grip on the world's largest steelmaker yesterday, becoming chief executive officer of Arcelor Mittal three months after he engineered a stunning takeover of his biggest rival. Mittal was to share leadership responsibilities of the combined company with Roland Junck, his counterpart at Arcelor, largely in an effort to smooth resentment from the protracted fight over the $38 billion merger. In August, after the merger was approved by shareholders, Mittal was named president of the board of directors and Junck CEO. Arcelor Mittal owns the Sparrows Point steel mill and controls 10 percent of the world's steel production, topping 110 million tons per year.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | January 24, 2007
A Dutch court yesterday tossed out a bid by ThyssenKrupp AG to force Arcelor Mittal to honor a pledge to sell Canadian steelmaker Dofasco, but it's not clear whether Mittal will sell either its steel plant in Sparrows Point or Weirton, W.Va. The Justice Department gave Mittal until Jan. 28 to sell Dofasco Inc. to ensure it would not have a monopoly on tin production in the United States after its $33 billion merger with Luxembourg-based Arcelor SA. If Mittal is unable to sell Dofasco, a manufacturer of high-grade sheet metal for the North American auto industry, the Justice Department has said Mittal must sell either its Sparrows Point or Weirton facility.
BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | November 7, 2006
Steel magnate Lakshmi N. Mittal tightened his grip on the world's largest steelmaker yesterday, becoming chief executive officer of Arcelor Mittal three months after he engineered a stunning takeover of his biggest rival. Mittal was to share leadership responsibilities of the combined company with Roland Junck, his counterpart at Arcelor, largely in an effort to smooth resentment from the protracted fight over the $38 billion merger. In August, after the merger was approved by shareholders, Mittal was named president of the board of directors and Junck CEO. Arcelor Mittal owns the Sparrows Point steel mill and controls 10 percent of the world's steel production, topping 110 million tons per year.
BUSINESS
By BLOOMBERG NEWS | September 27, 2006
RIO DE JANEIRO, Brazil -- Mittal Steel Co. NV, the world's largest steelmaker and owner of the Sparrows Point steel mill, is reviewing a Brazilian regulatory order that may raise the cost of its $38 billion merger with Luxembourg-based Arcelor SA by almost 10 percent. Mittal's combination with Arcelor is considered a takeover under Brazilian law, the securities regulator, known as the CVM, said on its Web site Monday night. The ruling requires Mittal to bid for shares it doesn't own in Arcelor's Brazilian unit.
BUSINESS
By ALLISON CONNOLLY and ALLISON CONNOLLY,SUN REPORTER | August 2, 2006
Mittal Steel Co. NV must sell either Sparrows Point or a sister plant in Weirton, W.Va., if it can't dispose of a Canadian subsidiary to resolve antitrust issues arising from its merger with Arcelor SA, Justice Department officials said yesterday. Saying the combined company would have a monopoly on tin production in the United States, the Justice Department filed a civil lawsuit in U.S. District Court in Washington yesterday to block the $33 billion merger if Mittal does not comply. "Without a divestiture of one of these steel mills, purchasers of tin mill products likely would have paid higher prices that would have harmed American consumers," Thomas O. Barnett, assistant attorney general in charge of the department's antitrust division, said in a statement issued yesterday.
BUSINESS
By ALLISON CONNOLLY and ALLISON CONNOLLY,SUN REPORTER | July 19, 2006
Mittal Steel Co. NV said yesterday that it has succeeded in its $32 billion takeover bid for Luxembourg-based Arcelor SA, having acquired half of Arcelor's shares. While the final tally won't be announced until next Wednesday, Mittal officials said they are confident that enough Arcelor shareholders have agreed to sell their shares to Mittal, which is based in Rotterdam, the Netherlands. The merger would create the world's largest steelmaker, to be called Arcelor-Mittal, with annual production of more than 110 million tons.
BUSINESS
By ALLISON CONNOLLY and ALLISON CONNOLLY,SUN REPORTER | June 27, 2006
The future of the Sparrows Point steel mill could hinge on the outcome of a tug of war between its owner, Mittal Steel Co. of London, and Luxembourg-based Arcelor SA, which agreed Sunday to merge, forming the world's largest steelmaker. The $31.9 billion deal ends Mittal's five-month pursuit of Arcelor, which fiercely resisted a takeover by what its chief executive referred to as a producer of cheap cologne compared with Arcelor's perfume. The new steel giant, to be called Arcelor-Mittal, would control nearly 10 percent of world steel production, churning out 120 million tons of crude steel a year and employing more than 320,000.
BUSINESS
By BLOOMBERG NEWS | June 24, 2006
LONDON -- Mittal Steel Co., owner of the Sparrows Point steel mill in Baltimore County, said yesterday that it was close to buying Arcelor SA, an agreement that would end a five-month struggle and lead to the biggest steel-industry merger. "Talks are ongoing and constructive" and some parts of the offer "in principle have been agreed," said Sudhir Maheshwari, Mittal's managing director for business development and treasury. The two companies planned to continue talks today, Maheshwari said.
NEWS
February 22, 2007
The Justice Department's decision to require the sale of the Sparrows Point Mill as a condition of Mittal Steel Co.'s $33 billion acquisition of Arcelor SA is not necessarily bad news for Sparrows Point. But it's not necessarily good news, either. It means only that the Point's future is as uncertain as ever, and that's something the facility's 2,400 workers can probably live with. In theory, one would think that it's better to be part of the world's largest steel producer. That's the view of United Steelworkers - the union is asking federal officials to reconsider the order.
BUSINESS
By BLOOMBERG NEWS | May 20, 2006
Mittal Steel Co. increased a hostile bid for Arcelor SA by 34 percent to 25.8 billion euros ($32.9 billion), gaining investor support for the steel industry's biggest takeover. "We are definitely seduced by this new offer," said Francois de Rambuteau, who manages $2.3 billion at Cholet-Dupont Gestion SA in Paris, including Arcelor shares. "It was clear to everybody that the earlier offer was insufficient. All depends now on the performance of Mittal shares." Mittal, based in Rotterdam, Netherlands, and owner of the plant at Sparrows Point in Baltimore County, raised the cash-and-stock proposal to 37.74 euros for each Arcelor share, 18 percent higher than Arcelor's closing price yesterday, according to an e-mailed statement.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | June 13, 2006
LONDON -- Arcelor, one of the world's largest steel producers, formally rejected a 25.8 billion euro hostile takeover bid by Mittal Steel yesterday, but the company said for the first time that it would be willing to negotiate a deal after Mittal's advisers signaled that it might raise its offer again. It was the first time since Lakshmi N. Mittal, owner of Mittal Steel, announced his takeover plans five months ago that Arcelor has indicated that it would be willing to be negotiate with Mittal, marking a new tone of openness from Arcelor.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | May 27, 2006
PARIS -- Arcelor announced plans yesterday to create the world's biggest steelmaker by merging with a Russian steel company controlled by the billionaire Alexei Mordashov, the latest in a series of high-stakes efforts to repel a hostile takeover bid from Arcelor's archrival, Mittal Steel. Mordashov would become Arcelor's largest shareholder by paying cash and stock in his company, Severstal, for 32 percent of Arcelor. Mordashov also is offering a stake in all of Severstal's steel assets and an Italian steelmaker, Lucchini.
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