Shareholders to vote for Mittal Steel’s merger
The shareholders of Ispat International N.V and LMN Holdings N.V are going to meet in Rotterdam,
Netherlands on Wednesday to vote on the merger of two companies.
Lakshmi Mittal, who is the chairman of both companies, conceived the merger plan and he, his wife and their two children have 97.485% of Ispat International and 100% of LNM.
The consolidation could soon eventuate or before the end of the year.
In the first quarter of 2005, the merged company will buy Ohio-based International Steel Group for $4.5 billion in cash and stock. However, before the consolidation, there too many factors those need to be concluded.
The steelmakers will operate as the US division of Mittal Steel Co., if the consolidation materializes.
After the two companies' merger, they need to be receiving approval from the United Steelworkers of America union in order to ensure employees' pension and health care and provide Ispat Inland Inc labor agreement.