ArcelorMittal play for bigger China Oriental stake seen failing

Aug 06, 2008 | 02:52 PM |

Market sources are doubtful that ArcelorMittal SA, Luxembourg, will succeed in its bid to take over Hong Kong-listed China Oriental Group Co. Ltd., although the world's top steelmaker is keeping its hopes alive.

The agreement to acquire a 45.11-percent stake in China Oriental, which would raise ArcelorMittal's total stake to a controlling 74.7 percent, hasn't actually been rejected by the Chinese central government, an ArcelorMittal spokesman said.

"We are still awaiting a reply from the Chinese government," he said.

And while the May deadline for government approval of the plan—necessary for the agreement to proceed—has lapsed, this deadline can be renegotiated, the spokesman said.....

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