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Mittal Steel gets US clearance for merger
Mittal Steel said it had obtained approval from US regulators for its acquisition of US International Steel Group, clearing a major hurdle in the deal to form the world's largest steel maker.
Mittal Steel and ISG said in a joint statement yesterday that a registration statement on its proposed merger lodged with the US Securities and Exchange Commission "has been declared effective as of March 11, 2005."
ISG and Mittal will each hold special meetings of their shareholders on April 12 to give final approval to the proposed merger, the statement said.
Mittal Steel will become the world leader in terms of steel shipments, far outstripping the current world number one, the European consortium Arcelor, according to its chairman Lakshmi Mittal, the world's third richest man, according to Forbes magazine.
The group will also be the number one steel group in terms of market capitalisation ($18.5 billion) ahead of Japan's Nippon Steel.
Mittal Steel was created from Netherlands-based Ispat International, which acquired LNM Holdings, also based in the Netherlands. Mittal himself is based in London.
The companies have signed a letter of agreement with the United Steelworkers of America and the Independent Steelworkers Union. The current chairman of ISG, Wilbur Ross, will become a member of the board of directors of Mittal Steel.
Mittal Steel will have operations in 14 countries including the United States, Canada, Mexico, France, Germany and eastern Europe and employ 165,000 people.
BIZ/FINANCE ARTICLES
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