Mittal acquires 92% stake in Arcelor SA, set for merger

July 26 | Updated: Jul 27 2006, 05:30am hrs
Mittal Steel Co, the worlds biggest steelmaker, has acquired shares and convertible bonds representing 92% of Arcelor SA.

The combined company will have a market capitalisation of $44.3 billion after Mittal issued new shares to buy Arcelor, Rotterdam-based Mittal said in an e-mail.

I am delighted at this result which is a resounding endorsement of the strategic logic and value of the merger of Mittal Steel and Arcelor, a truly industry transforming deal, Lakshmi Mittal, chairman and chief executive of Mittal Steel, said in a statement.

Mittal paid 665.6 million of its shares and 7.77 billion euros ($9.78 billion) for 594.5 million Arcelor shares and 19.9 million convertible bonds, he said.

Bloomberg, Reuters