London: Steel tycoon Lakshmi Mittal expects Arcelor's management to come to the negotiating table next week to discuss his company's improved €23 billion euros ($29.51 billion) bid, The Times reported on Thursday.
Mittal's business plan for the combined group will be with Arcelor within days, and investors have reacted well, the newspaper added in an interview with the chief executive of Mittal Steel.
Mittal last week raised its hostile cash-and-equity bid for Arcelor by a third, and Arcelor said on Sunday it was ready to evaluate Mittal's plan.
Mittal Steels, 87 per cent owned by the family of Lakshmi Mittal, aims to create a producer of 100 million tonnes of steel per year - more than three times the size of its closest rival - by combining the largest and second-largest companies in the fragmented steel industry.
"The general feeling is very positive," Mittal was quoted as saying.
"They - the Arcelor investors - really like the bump up in this offer. They understand it is a full price, compelling offer, which they can't refuse."
"It is basically a 70 per cent premium over the highest price Arcelor shares achieved before this transaction was announced," he added.
Comments
0 comment