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Mittal has merger agreement from almost all Arcelor shareholders

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Mittal has merger agreement from almost all Arcelor shareholders

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The long battle to merge Mittal and Arcelor and create the world’s biggest steel producer is all but over. Shareholders representing 92% of Arcelor have agreed to Mittal’s takeover offer. Guy Dolle, Arcelor’s chief executive who fought so hard against the deal is the loser.

Lakshmi Mittal won, but was forced to make major concessions including raising his bid and agreeing to give Arcelor more power in the new company. The takeover creates a group with 320,000 employees producing about 10% of the world’s steel.