Mittal bid for Arcelor sparks M&A speculation

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After rejection of its initial EUR18.6bn bid, Mittal is expected to increase its offer

Netherlands-based Mittal Steel galvanised consolidation activity in the steel sector last month, after surprisingly making an EUR18.6 billion unsolicited offer for Luxembourg-based Arcelor, which would create the world's largest steelmaker with an 11% market share.

In response, Arcelor CEO Guy Dolle was vehement in his rejection of Mittal's offer of EUR28.21 per share. Management believe that Arcelor is bett

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