New Delhi: After European steel group Arcelor announced an increase in its proposed 2005 shareholder dividend, steel tycoon Mittal Steel has said it would not raise its bid for Arcelor.
Mittal's European chief, Roeland Baan, said Mittal Steel is not going to raise its bid for Arcelor and the recent announcement made by Arcelor is not going to change Mittal Steel’s position in the bid process.
Earlier, Mittal Steel has said that Arcelor's decisions to incorporate Canadian steel producer Dofasco into a separate entity would not alter its resolve to take over the world's second largest steel company.
Dubbing Luxembourg-based Arcelor's move as an attempt to deprive shareholders of the right to decide on the merits of its takeover offer, Mittal Steel said its offer was not dependent on the sale of Dofasco.
Arcelor raised the proposed 2005 dividend payout to 1.85 euros per share from 1.20 euros announced in February and promised to return a further 5 billion euros to shareholders.
Comments
0 comment