ArcelorMittal’s deal for Laiwu stake falls apart

Dec 14, 2007 | 04:24 PM | Rob Hartley

ArcelorMittal SA's plans to acquire a stake in China's Laiwu Steel Group have run aground.

The Luxembourg-based steelmaker and Laiwu Steel have terminated a share purchase contract signed in 2006 because the proposed deal hasn't received the required government approval, ArcelorMittal said.

The world's largest steelmaker planned to take a 38-percent stake in the Chinese company, but the contract has been delayed repeatedly since it was signed in February 2006 and won't be extended again after its next deadline at the end of this month.....

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