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Market Update : 
Broadcom Climbs 20%
Author: Elena Todorova
123jump.com
Last Update: 11:52 AM EST January 27 2006

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U.S. stocks opened slightly higher with better-than-expected quarterly results from Microsoft boosting the sentiment and disappointing GDP data limiting gains. The software giant posted Q2 profit rise of 34 cents a share on 9% revenue growth. Procter & Gamble posted 29% profit growth in Q2, raised 2006 outlook. In deal news, the world''s largest steel company Mittal Steel launched a $22.8 billion bid for European rival Arcelor.

 
CORPORATE NEWS

Mittal Steel (MT: chart) announced that it made a bid for steel producer Arcelor for more than $22 billion. The deal would value Arcelor at 28.21 euro per share, a 27% premium over the company''s closing price on the Paris exchange on Thursday. Mittal said it also agreed to resell Canadian steel maker Dofasco, which Arcelor recently agreed to acquire, to German steelmaker ThyssenKrupp. ThyssenKrupp lost a bidding war for Dofasco earlier in the week, when Dofasco accepted a deal from Arcelor to be acquired for C$5.6 billion, or 3.95 billion euro.
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