Failed ArcelorMittal deal unlikely to impact next
Dec 17, 2007 | 09:02 AM
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ArcelorMittal SA's unsuccessful attempt to gain a stake in Laiwu Steel Group shouldn't put a damper on the Luxembourg-based company's proposed acquisition of China Oriental Group Co. Ltd.
While both deals involve Chinese mills, they differ on offered prices, proposed ownership and production capacity, analysts said.
"I believe the key (reason) for the failure of (the) Laiwu Steel-ArcelorMittal stake transfer is the price," a Beijing-based steel analyst said. The government "must think it too low a payment to be the second-largest shareholder in a major state-owned steel mill." The year-long deal fell apart....
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