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Steel maker Arcelor has rejected the Lakshmi Mittal's(Mittal Steel world's largest steel maker) 18.6bn (£12.7bn) takeover bid, saying the two companies did not "share the same strategic vision, business model and values".
Mittal approached Arcelor to boost its share of the fragmented steel sector.
Arcelor recently won a fierce bid battle to acquire Canadian firm Dofasco for 3.95bn although Mittal Steel intends to sell Dofasco if its bid proves successful. If the takeover attempt is successful, it will create a giant steel firm with more than 250,000 employees and revenues of more than $50bn (£28bn), and produce about 10 per cent of the world's steel. But it would probably face scrutiny from competition authorities.
Mittal approached Arcelor to boost its share of the fragmented steel sector.
Arcelor recently won a fierce bid battle to acquire Canadian firm Dofasco for 3.95bn although Mittal Steel intends to sell Dofasco if its bid proves successful. If the takeover attempt is successful, it will create a giant steel firm with more than 250,000 employees and revenues of more than $50bn (£28bn), and produce about 10 per cent of the world's steel. But it would probably face scrutiny from competition authorities.