Mittal launches takeover offer for Arcelor

Mittal Steel launched its $24 billion takeover offer for rival Arcelor on Thursday after a months-long war of words between the steelmakers. Mittal, the world's largest steel group by volume, is offering a mix of cash and equity during an offer period extending until June 29. Arcelor, the world's largest steel company in terms of revenue, has urged shareholders to preserve its independence and has already promised an increased 2005 dividend and a Euro 5 billion share buyback.