Arcelor rejects Mittal’s bid

Steel magnate Lakshmi Mittal met France’s finance minister on Monday as he sought to woo politicians and workers for his 18.6 billion e...

Steel magnate Lakshmi Mittal met France’s finance minister on Monday as he sought to woo politicians and workers for his 18.6 billion euro ($23 billion) bid for European steelmaker Arcelor.

Arcelor, meanwhile, was drawing up its own charm offensive, having rejected Mittal’s offer over the weekend.

Mittal’s offensive has caused some worries at European governments due to a possible threat to jobs, while Arcelor said it was ready for a fight that could last at least four to six months.

At a board meeting over the weekend in Luxembourg, the company rejected Mittal’s offer, which has also drawn the opposition of Europe’s political establishment. Reuters

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