Courts Reject Minority Arcelor Shareholder Motions
08/28/2007 - The District Court of Rotterdam and the Tribunal de Grande Instance of Paris reject attempts by minority Arcelor shareholders to prevent the merger of the Arcelor and Mittal Steel, as based on announced terms.
The District Court of Rotterdam and the Tribunal de Grande Instance of Paris have rejected the attempts by minority shareholders in Arcelor to prevent the merger of the Arcelor and Mittal Steel Co. NV, as based on announced terms.
An Extraordinary General Meeting of Mittal Steel shareholders of will be held, as previously announced, on Tuesday, August 28, 2007, in Amsterdam, to resolve the first step in the merger process.
ArcelorMittal is the world's largest steel company, with 320,000 employees in more than 60 countries. The company leads a number of major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal’s key pro-forma financials for 2006 show combined revenues of USD 88.6 billion, with a crude steel production of 118 million tonnes, representing around 10% of world steel output.
