Success for Mittal's Arcelor offer

Mittal Steel, the biggest steel producer in the world, has announced that it would acquire at least 50 percent of Arcelor shares, the minimum amount Mittal has set for the takeover to go ahead. Mittal said in a statement “It has determined that, on a preliminary basis and based on statements made by financial intermediaries, the minimum tender condition of the offer – 50 percent of Arcelor outstanding shares on a fully diluted basis as set forth in the offer prospectus – has been met”. On July 26, Mittal will announce the final response to the offer, which was launched in five countries, Belgium, Spain, Luxembourg, the US and France.