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NRI steel tycoon Lakshmi Mittal appears to have crossed the first hurdle with three European regulators publishing the official $22.1 billion bid for his takeover of the Luxembourg-based Arcelor steel company.
The offer notice was published by three European regulators - Belgian Commission Bancaire Financiere et des Assurances, Luxembourg Commission de Surveillance du Secteur Financier and the Spanish Commission Nacional del Mercado de Valores, Mittal Steel announced last night.
The main terms of the proposed offer have been officially made public and the draft offer documentation would now be reviewed by supervisory authorities, the company said.
"This process is expected to take several weeks. Once the offer documentation has been approved by authorities, the offer can be effectively launched," the release said.
The company said no offer to exchange or purchase any Arcelor shares would be made in the Netherlands or in any jurisdiction other than Luxembourg, France, Spain, Belgium and the United States.
"This communication does not constitute an offer to exchange or purchase any Arcelor shares. Such an offer will be made only pursuant to an official offer document approved by the appropriate regulators," the release said.
Mittal Steel has operations in over 16 countries covering four continents. The company encompasses all aspects of modern steel-making, to produce a comprehensive portfolio of both flat and long steel products to meet a wide range of customer needs, it said.