Mittal to increase its offer for Arcelor

Mittal Steel announced yesterday that it would increase its offer for Arcelor to £14.1 billion from the current £12.7 billion, sources report. Lakshmi Mittal, CEO of Mittal Steel, said the offer would be launched within two weeks; however, the deal is subject to the approval of EU antitrust authorities. Guy Dolle, CEO of Arcelor, earlier last month, had said that Mittal Steel's offer was not good enough and would never pass muster with shareholders.