On May 26, after four months of fending off hostile suitor Mittal Steel Company N.V., the board of steelmaking giant Arcelor SA thumbed its nose at Mittal for what it must have thought was the last time, announcing a merger with a brand-new suitor, Russian steel giant JSC Severstal.

  • Dealmakers: International Mergers & Acquisitions
  • Within minutes, Mittal’s executives and advisers conferred to debate the next move. Unwinding the Russian deal appeared to be next to impossible. “It was basically a done deal,” says The Goldman Sachs Group Inc.’s Yoel Zaoui, Mittal’s lead banker.

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