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Arcelor and LN Mittal will hold a press conference on Monday at Arcelor's headquarters in Luxemoburg at 5.30 pm (IST) on Monday to highlight the broader issues that led to one of the biggest mergers in the steel industry.
After intense negotiations for about eight hours on Sunday evening, Arcelor SA announced acceptance of Mittal's improved bid by 10 per cent to euro25.9 billion ($32.4 billion) that would create an entity three times bigger than its nearest rival.
The Arcelor board will recommend the new offer of Mittal TTSteel, which would now be placed before shareholders for approval.
While weighing Mittal's offer, which was till recently considered as unfriendly and hostile by its acquisition target, Arcelor Board preferred Mittal over Russian steel giant OAO Severstal, whose chief Alexei Mordashov lamented that he was not heard by Arcelor.
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