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Market Update : 
Arcelor Mittal to Buy AK Steel for $4.5 B
Author: Elena Todorova
123jump.com
Last Update: 10:13 AM EDT May 08 2007

Wall Street opened in the negative on profit-taking ahead of the Fed Reserve''s meeting on interest rates. However, Dow member Hewlett-Packard helped limit losses, rising 2% after the computer maker raised its Q2 earnings and revenue outlook. In deal news, AK Steel climbed 15% amid reports that Arcelor Mittal is in talks to buy the U.S. steel producer in a $4.5 billion, or $40 a share, deal.

 

 

 
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