Arcelor board, after defending itself from Mittal Steel for more than five months, agreed to recommend its offer to shareholders. The combined company will be called Arcelor Mittal and will be headquarted in Luxembourg. Severstal will be paid 140 million euros break-up fee. The combined company will have $70 billion in revenue and 335,000 employees. Arcelor Mittal will be three times larger than its nearest rival Nippon Steel. A new round of mergeres in steel industry are likely. |
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