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Severstal May Have Lost Battle For Arcelor
27.06.2006 12:53
Severstal May Have Lost Battle For Arcelor

Arcelor has recommended its shareholders to opt for Mittal Steel turning down Severstal's offer. Russian steel giant will not give up, predict the experts.
      Russian officials have dubbed such an attitude as 'double standards'. They say Europe does not want to see strong Russian companies on its market. In case the merger were accomplished, it would be the largest steel-making company in the world.
      Alexey Mordashov, head of Severstal, is now mulling new proposals to win over the Arcelor shareholders who will come together for a meeting on June 30 to finalize the issue. They will have to decide on either of the companies.
      According to Russian Vedomosti daily, Mr Mordashov has support from the Arcelor staff and probably some of the minority holders.
      Recently, Arcelor has admitted that if Severstal agrees to buy out its 100% stake, it may win the case.
      ITAR-TASS news agency


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