The Competition Commission has approved the acquisition of debt-ridden Essar Steel by a consortium of ArcelorMittal and Japan’s Nippon Steel & Sumitomo Metal Corporation. Earlier this month, ArcelorMittal
ArcelorMittal said Tuesday its offer for the debt-laden Essar Steel is the most compelling one and asserted that there is no connection between ArcelorMittal’s eligibility and the businesses of LN Mittal’s brothers.
The takeover battle between Lakshmi Mittal of ArcelorMittal and the Ruia family of the Essar Group has intensified.
ArcelorMittal was already enjoying its best run in years as the world’s biggest steelmaker cashed in on resurgent demand and a sharp fall in Chinese exports.
ArcelorMittal on Tuesday said it was eligible under the Insolvency & Bankruptcy Code to bid for Essar Steel as it was not a promoter of Uttam Galva and KKS Petron, and had already offloaded its shares before submission of the bids.
Mint reported that ArcelorMittal India Ltd. was eligible to submit a bid for Essar Steel on the date of application as the company was till then no longer associated with Uttam Galva Steels Ltd, said lawyer Abhishek Manu Singhvi, appearing for ArcelorMittal on Monday.
ArcelorMittal’s South African unit has agreed to sell its half of Macsteel to a company founded by billionaire Eric Samson, which owns the other 50%
ArcelorMittal transfers Rs 7,000 cr to State Bank of India to clear dues of loan defaulter Uttam Galva Steel
The world’s largest steelmaker ArcelorMittal has transferred Rs 7,000 crore to State Bank of India (SBI) to clear bank dues of loan defaulter Uttam Galva Steels so that it becomes eligible to bid for acquisition of Essar Steel, a person in know of the development said.
India’s new bankruptcy law is being bogged down by bitter court room disputes that include the likes of ArcelorMittal and the Tata Group — jeopardizing the law’s promise of time-bound resolution in a country famous for its sluggish legal system.
Steel tycoon Lakshmi N Mittal’s son Aditya Mittal has said he is working “very closely” with his father to shape the future direction of ArcelorMittal and is looking for strategic global opportunities rather than just expansion for the sake of expansion.