Steelmaker Arcelor looks to have become its own worst enemy, as defenses it constructed to fend off a hostile bid from rival steelmaker Mittal Steel Co. emerge as the most likely obstacle to a deal between the two. After five months of bitter resistance, Arcelor on Sunday accepted Mittal's sweetened $33.7 billion offer, paving the way for the steel industry's biggest deal ever -- if Arcelor can overcome its own obstacles, like a vote on an opposing deal and a possibly hostile former white knight.
June 27, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Arcelor SA looks to have become its own worst enemy, as defenses constructed to fend off a hostile bid from rival Mittal Steel Co. NV emerge as the most likely obstacle to a deal between the two steelmakers.
After five months of bitter resistance, Luxembourg-based Arcelor on Sunday, June 25, capitulated to a sweetened �26.9 billion ($33.7 billion) offer from Mittal, paving the way for the steel industry’s biggest deal ever.
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