Mittal Steel woos Arcelor shareholders
Chicago: Mittal Steel is now attempting to woo Arcelor stockholders, saying their shares have appreciated by more than 36 per cent than their previous all-time high since Mittal's $23 billion hostile takeover bid.

It said the takeover of the world's second-largest steelmaker by the world's number one would accelerate growth and bring higher profits to shareholders as the combined company would gain access to untapped markets in China, India and elsewhere, Mittal's chief financial officer Aditya Mittal said.

He said a combined Mittal-Arcelor would realize $1 billion in synergies within three years of a merger, as well as improve margins and control costs through mining integration.

Mittal told shareholders that the markets have responded to the bid positively. He said Arcelor's share price had risen 6 per cent on January 27 when Mittal's takeover bid was announced.

By February 14, it was 11 percent higher and, at 30.12 euros, was 36 percent higher than the all-time high of 22.22 euros last year. Last Friday, stock in the Luxembourg-based steel company closed in Paris at 30.40 euros.

Last week, in a letter to shareholders, Arcelor's chief executive, Guy Dolle, urged investors to keep their shares in order to "defend your rights as shareholder," referring to the Mittal family controlling stake.
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Port deal to undergo security review
Washington: Dubai Ports World, (DP World) based in the United Arab Emirates, which seeks to buy the rights to operate at several major American ports at Baltimore, Miami, New York, New Orleans, Philadelphia and Newark, N J, has asked the U S to conduct another review of the deal to respond to security concerns.

The company is trying quell the political uproar that ensued after Congress got news of the deal according to which the company would get rights to operate the terminals as part of its $6.8 billion acquisition of U K based P&O.

Republicans and Democrats at the federal and state levels have objected to the idea of an Arab — owned company operating port terminals in the U.S. due to concerns that Middle Eastern terrorists could infiltrate DP World.

Lawmakers welcomed the White House's new stance, but they said the administration has to share results of a new 45-day review with members of Congress.
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Pilkington succumbs to £2.2-billion takeover by Nippon Sheet Glass
British glassmaker Pilkington has succumbed to a £2.2 billion bid from Japanese rival Nippon Sheet Glass.

Pilkington's decision to recommend the Japanese offer to its shareholders means the glassmaker is likely to join a number of London stock market-listed companies leaving the market. P&O has recently been sold to Dubai Ports World while plasterboard company BPB has been taken over by St Gobain of France.

Pilkington Glass founded in 1826, has been rebuffing bids from Nippon Sheet Glass since November, saying the bid is too low. But the Japanese group raised its offer to 165p a share — up from its original 150 pence — which has been enough to get the backing of the Pilkington board.
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