Mittal outline Arcelor takeover proposals

Steelmaker Mittal has notified its plans to take over Luxembourg-based peer Arcelor to the European Commission, according to …

Steelmaker Mittal has notified its plans to take over Luxembourg-based peer Arcelor to the European Commission, according to the EU executive's daily merger list released today.

The European Union's highest antitrust authority can now either approve the takeover or if it finds competition worries, suggest remedies.

The commission has to make a decision by May 19th.

Arcelor is opposed to the takeover, which would combine the world's number one and number two steelmakers.

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