Canada clears Mittal's bid for Arcelor

Mittal Steel announced Thursday that the Canadian Competition Bureau has cleared Mittal's bid to purchase rival company Arcelor. This clearance, along with the EU anti trust clearance granted on June 2, 2006 and the May 11, 2006 expiry of the waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976, will help pave the way for the completion of this bid, despite Arcelor's continued resistance. Mittal's current cash and shares bid for Arcelor is worth US$28.1 billion.