Severstal could bid again for Arcelor, against deal with Mittal

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Alexei Mordashov, the owner of Russian steel company Severstal, could make another bid for world no.2 Arcelor, the head of the French Assembly's economic affairs committee, said Wednesday.
PARIS, June 28 (RIA Novosti) - Alexei Mordashov, the owner of Russian steel company Severstal, could make another bid for world no.2 Arcelor, the head of the French Assembly's economic affairs committee, said Wednesday.

Patrick Ollier said Mordashov said he could come up with a new bid, but had not elaborated further. The French official added Mordashov had also said it was his own idea and he was not sure whether he would have enough resources for a better proposal.

Mittal raised its bid from 37.74 to 40.4 euros per share in Luxemburg-based Arcelor, torpedoing the merger proposal from Severstal, which wanted a 25% stake in the future steelmaker and pay 13 billion euros. Arcelor and Mittal Steel will hold 50.6% and 49.4% respectively in the new company.

After meeting with the French Assembly's economic committee, however, Mordashov refused to reveal his plans to journalists.

Ollier also said Mordashov said he would not join a three-way deal with Arcelor and Mittal Steel, although Severstal's bid had made a favorable impression on French lawmakers, particularly in terms of industrial production.

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