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Arcelor Rejects Mittal's Offer |
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1:37 PM EST January 30 2006 |
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The steel manufacturer Arcelor on Sunday rejected a takeover bid from its larger rival Mittal Steel. After a meeting at its headquarters in Luxembourg, Arcelor's board unanimously snubbed Mittal's E18.6 billion, or $22.5 billion, hostile offer - which would have combined the top two global steel producers - on the ground that the companies do not share the same strategic vision, business model and values.
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