Iscor acquisition by Mittal delayed

Iscor acquisition by Mittal delayed

According to recent news in the market, LNM Holdings' takeover of South African steel maker Iscor is delayed. As previously reported by SteelOrbis, owner of LNM Holdings Lakshmi Mittal has been waiting for the decision of the Competition Committee to possess controlling stake in Iscor. The current stake of Mittal in Iscor is 49.9%. The Competition Committee has delayed the takeover for a week, announcing that it is waiting for the decision of South African Department of Trade and Industry (DTI). LNM and DTI had agreed on pricing model to be used for South African steel industry. Since then, Mittal has been waiting for the decision of Competition Committee. However, that DTI has not filed any statement to Competition Committee so far resulted in delay of takeover.