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Shareholders Approve First Step of Mittal Merger Process
08/29/2007 - Mittal Steel shareholders approve the merger of Mittal Steel into ArcelorMittal, the first step in the two-step merger process between Mittal Steel and Arcelor.
Shareholders of Mittal Steel Co. NV approved the merger of Mittal Steel into ArcelorMittal, a wholly-owned subsidiary of Mittal Steel, during the Extraordinary General Meeting held on Tuesday, Aug. 28.
98.8% of the votes cast at the Extraordinary General Meeting were cast in favor of the proposed merger. 945,207,771 shares, or 66.6% of Mittal Steel’s outstanding share capital, were present or represented at the Extraordinary General Meeting.
The merger—the first step in the two-step merger process between Mittal Steel and Arcelor SA—is expected to be effective Monday, September 3, 2007. Upon effectiveness of the merger, holders of Mittal Steel shares will automatically receive one newly issued ArcelorMittal share for every one Mittal Steel share on the basis of their respective holdings as entered in the relevant Mittal Steel shareholder registry or their respective securities accounts:
Holders of Mittal Steel shares, whose shares are registered directly in Mittal Steel’s Dutch, Luxembourg, or New York shareholder registry, will automatically receive newly issued ArcelorMittal shares through an entry in the shareholder registry of ArcelorMittal.
Holders of Mittal Steel shares whose shares are registered indirectly (that is, through a book-entry system such as Clearstream Luxembourg, Euroclear Belgium, Euroclear France, Euroclear Nederland or Iberclear, in Mittal Steel’s Dutch or Luxembourg shareholder registry) will automatically receive newly issued ArcelorMittal shares through a credit to their respective securities accounts.
Holders of Mittal Steel shares, whose shares are registered indirectly in Mittal Steel’s New York registry (that is, through a book-entry system) will automatically receive newly issued ArcelorMittal shares through a credit to their respective securities accounts.
Upon the day of effectiveness of the merger, the ArcelorMittal shares will be listed and traded on Euronext Amsterdam by NYSE Euronext, Euronext Brussels by NYSE Euronext, Euronext Paris by NYSE Euronext, and the stock exchanges of Barcelona, Bilbao, Madrid and Valencia, listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the regulated market of the Luxembourg Stock Exchange. The ArcelorMittal shares will be listed and traded on the New York Stock Exchange as of Tuesday, September 4, 2007 (because Monday, September 3, 2007 is a public holiday in the United States (Labor Day)).
The Mittal Steel class A common shares, which (along with the Mittal Steel class B common shares) will automatically disappear in the merger, will no longer be listed and traded as of the day of effectiveness of the merger. The last day of listing and trading of the Mittal Steel class A common shares on these exchanges is expected to be Friday, August 31, 2007.
ArcelorMittal and Arcelor currently expect to publish details concerning their merger (the second step in the two-step merger process between Mittal Steel and Arcelor) before the end of September 2007.
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.
