Arcelor Board of Directors rejects Mittal's proposal
In a meeting held in
Luxembourg yesterday, Arcelor's Board of Directors examined Mittal Steel's unexpected proposal.
After a profound review, the Board concluded that Arcelor and Mittal Steel do not share the same strategic vision, business model and values.
The Board then expressed its concern regarding the consequences of such offer on the group, its shareholders, employees and customers.
Therefore, the Board of Directors has resolved that it:
1. unanimously rejects Mittal Steel's unsolicited proposal which it considers hostile,
2. recommends to Arcelor's shareholders not to tender their shares into the proposed offer, if and when submitted,
3. mandates the Management Board to present to the Board of Directors all actions and options that are in the best interests of all stakeholders.
The Board of Directors confirms its full confidence in the management and employees of Arcelor and supports their ongoing efforts to create value for all stakeholders.
It is reported that Mittal Steel and Arcelor have separately scheduled a press conference in Paris today.