Steel giant Arcelor has said it would be ready to receive a written proposal from Mittal Steel about an unspecified 'industrial project' related to the steel industry, a media report said on Saturday.
The Financial Times said this might be regarded as a sign that the Luxembourg company is softening its position in efforts to stave off a hostile $22.7 billion takeover bid from Mittal Steel, the world's biggest steelmaker.
Arcelor said on Friday night it would offer no guarantee it would accept the proposal and that it did not want to have a meeting with any of the directors of Mittal Steel, including chairman Lakshmi Mittal.
Arcelor's board of directors had on January 29 unanimously rejected Mittal Steel's unsolicited proposal which it considered hostile.
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