Luxembourg Minister confirms Arcelor-Mittal deal

[tocqueville]

Sunday, June 25, 2006 (New Delhi):

Luxembourg Minister has confirmed the Arcelor-Mittal deal, ending a five-month hostile bidding war to forge the world's largest steel firm.

Mittal Steel and Arcelor have decided to merge in principle. "We get two seats on the board," the Minister told NDTV. "We see merit in the deal for Arcelor."

He also said that Mittal has promised that Luxembourg will be the headquarters and the majority of new board of directors will have Arcelor representatives.

The development came after a crucial Arcelor board meeting held to assess rival bids from Mittal Steel and Severstal.

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