Arcelor initiates takeover talks for Chinese steelmaker
Luxembourg-based steel producer Arcelor announced that it initiated talks to acquire a majority stake in a Chinese steel maker, the name of which has not been disclosed since the negotiations are at an early stage.
Arcelor CEO Guy Dolle explained that an acquisition in
China is not very easy since approval from both the government and city administrations is necessary.
Market sources point out that Arcelor's takeover of a majority stake in a Chinese company would be a first in the sector. European firms have generally preferred joint ventures or minority shareholdings in
China.