Arcelor (finally) accepts Mittal’s takeover offer

Arcelor and Mittal Steel agreed to merge bringing to end almost five months of bitter wrangling between the two sides. Archelor accepted the improved $33 billion dollar bid from Mittal Steel, the biggest merger in the steel industry. The new Arcelor-Mittal combination will now produce almost 10% of world steel. Shareholder and regulatory authorities will now have to approve the merger. Russian steel company Severstal which had earlier made a bid for Arcelor was left out of the agreement.

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