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 company’s statement comes a day after Russia’s VTB Group-backed Numetal upped the ante against rival bidder ArcelorMittal, alleging that loan defaults by firms owned by Mittal’s brothers, disqualify him under the law.
Numetal and LN Mittal-owned ArcelorMittal are locked in a fierce takeover battle of Essar Steel Ltd (ESL) and the two are in the Supreme Court over bidding qualification.
“There is absolutely no connection between ArcelorMittal’s eligibility and the businesses of Mittal’s brothers. Read More
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