The merger deal includes Arcelor’s purchase of the entire 90% stake of Mordashov (Severstal’s top shareholder). In return, Mordashov will have 32% stake in the merged entity. The total cost of the deal works out to roughly $16.8 billion, where each Arcelor share is valued at €44. This clearly illustrates how desperate the Arcelor board is to fend off Mittal without any raison d’être. Charles A. Bradford, President of Bradford Research says, “The Mittal Arcelor deal makes more sense... Mittal Arcelor has a nice fit with very little overlap, whereas Severstal brings a good position in Russia and a third-rate company in the US.”
For complete IIPM article click here
For complete IIPM article click here
Source:- IIPM Editorial, 2006, Editor:- Prof. Arindam Chaudhuri
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