Mittal, Arcelor close to merger accord

Mittal Steel, the world's largest steelmaker, said that it is in advanced and constructive discussions with Arcelor. Sources familiar with the situation have said Mittal is likely to raise its offer to win support from Arcelor's board. According to recent market reports, a bid of around Euro 43 per share is now on the table, while the other sources are saying that Mittal Steel is now ready to pay more than 40 Euro per share.