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’Snap news
Breaking pre-market news on Wednesday,
- Simon Property Group will sell stake in Capital Shopping Centres if Trafford Centre deal proceeds — statement.
- ArcelorMittal to spin off stainless steel division — statement.
CDS report: Black & Decker rallies on takeover news
Gavan Nolan of Markit wrote this CDS report
European credit markets widened and stocks declined as investors fretted over the outcome of monetary policy meetings later this week. The Markit iTraxx Europe index was trading around 91bp,
Mittal in $35bn global expansion push
Arcelor Mittal is to spend $35bn adding to the capacity of its steelmaking plants around the world, Lakshmi Mittal, the company’s chief executive and main owner, said Monday. The spending plans, which focus partly on adding steel capacity in India,
Wood gets a rise out of ArcelorMittal
A belated and rather bitter statement popped out of L Mittal’s steel group, ArcelorMittal, on Friday, responding to an FT story earlier in the week about a group of minority shareholders pressing for better terms in the drawn out merger that created the company.
Jon Wood to join Arcelor Mittal challenge
Jon Wood, one of the City of London’s most aggressive traders, is set to take legal action against the directors of Arcelor Mittal after the world’s biggest steel company tried to force much worse terms on minority shareholders than it originally offered when it won the bitter $33bn takeover battle for Arcelor in mid-2006.
The Real Deal: Arcelor minorities prepare for battle
Lakshmi Mittal believes no one can get past the steel doors of Arcelor Mittal. But Arcelor’s minority shareholders are about to batter them down.
These shareholders – which own 6 per cent of Arcelor’s capital – are gearing up for a fight over the terms of the exchange ratio they are being offered.
Shareholders threaten Mittal
Minority shareholders in Arcelor are threatening legal action against Arcelor-Mittal over the terms published on Wednesday for buying out the 6 per cent of shares not tendered when Mittal Steel tabled its €26.9bn ($36.5bn) offer last year.
Mittal bid for AK Steel ‘unlikely’
The Wall Street Journal cited a person close to Arcelor Mittal saying it is “unlikely” that the company is bidding on AK Steel, the US steelmaker, as such a deal would have serious US antitrust concerns related to steel produced for the auto industry and possibly other markets.
Mittal aims for AK Steel as sector consolidation quickens
Arcelor-Mittal, Lakshmi Mittal’s steel empire, is understood to be eyeing AK Steel, its smaller Ohio-based rival. The deal is likely to value AK, which began life more than 100 years ago as American Rolling Mills Corporation,
Mittal aims to become force in Chinese steel market
Lakshmi Mittal is “optimistic” that Beijing will eventually approve a plan to allow him to take a majority stake in a China-based steelsupplier. The Indian steel billionaire, chief executive and main owner of Arcelor Mittal,
Carlyle backs down on Xugong
Carlyle, the US buy-out group, bowed to Chinese political pressure and agreed to acquire a minority stake in China’s biggest construction machinery maker. It was announced at the weekend that Carlyle had signed an agreement to acquire 45 per cent of Xugong Construction Machinery,
Mittal predicts further round of mergers
Arcelor Mittal forecast further consolidation in the steel industry as the world’s biggest steelmaker reported a 3.5 per cent drop in full-year net income. Lakshmi Mittal, chief executive and biggest shareholder,
Mittal buys in Mexico — could Russia be next?
Lakshmi Mittal is showing no signs of stopping. The merger of Mittal Steel with Arcelor created the world’s largest steelmaker and its chief executive seems intent on making it even bigger.
The combined company,