The $31.9 billion deal last month between Mittal Steel and Arcelor may not include minority shareholdings in Arcelor's two Brazilian subsidiaries, Acesita S.A. and Arcelor
Brazil S.A. As previously expected, Mittal Steel does not plan to purchase these shareholdings as part of the takeover.
"In light of ... the improved offer announced on June 25 and the governance provisions of the memorandum of understanding entered into between Arcelor, Mittal Steel and Mittal Steel's controlling shareholder on the same day, Mittal Steel now believes that, while there can be no assurance, such a requirement (to buy the subsidiaries) would no longer apply," the company said in a statement.
Acelor accepted Mittal's third offer for the company in June, a $31.9 billion takeover.