Lakshmi Mittal, CEO of Mittal Steel, a UK-based company with Indian roots, took advantage of a weakened Arcelor that had won a bidding war for Canadian steel company Dofasco, with an unsolicited bid to buy the company.
Mittal's Pursuit of Arcelor (A) Case Study Solution
Mittal's plans for getting Arcelor were thwarted by combined resistance from Arcelor's board and several European authorities. With the Russian steelmaker Severstal, on May 26, Arcelor orchestrated a merger to Mittal's additional surprise.
Although Arcelor investors were not offered by the planned merger as much value as the deal of Mittal, Arcelor had structured the deal in this way that it did not require shareholders' approval. Mittal wondered how he should respond to the Severstal deal. Did it make sense to continue pursuing Arcelor or should he look for other methods to enlarge his steel empire?
PUBLICATION DATE: January 27, 2014 PRODUCT #: 114056-HCB-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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