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Mittal en Arcelor hebben interesse in CSN?

1. [verwijderd] 29 maart 2006 16:48

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   Japanese Steelmakers Plan Joint Defense
   Wednesday March 29, 9:00 am ET
   Japanese Steelmakers Plan Joint Defense Against Hostile Takeovers in Wake of Mittal Bid
   
   TOKYO (AP) -- Three major Japanese steelmakers, led by Nippon Steel Corp., said Wednesday they will plot a joint defense strategy to counter hostile takeover attempts in the wake of Mittal Steel Co.'s unsolicited bid for Luxembourg's Arcelor SA.
   
   Nippon Steel, Kobe Steel Ltd. and Sumitomo Metal Industries Ltd. have agreed to study "countermeasures in the event that an unsolicited offer is made to one of the three companies," the steelmakers said in a combined statement.
   
   The announcement comes on the heels of Netherlands-based Mittal's offer of 19 billion euros ($23 billion) for Arcelor, an overture that has been rejected by Arcelor and triggered an ongoing takeover battle in Europe.
   
   The Japanese rivals formed an alliance in March 2005 to cooperate on hot-rolled steel coils and hot-rolled titanium sheets, and have acquired stakes in one another. The companies said Tuesday they plan to strengthen their ties by cooperating in recycling, cost cutting and the supply of mold pig iron.
   
   Given the extensive ties and the "changing environment" surrounding merger and acquisition activities, the companies said "if one of the three companies receives an unsolicited proposal, material impacts are expected on the other two."
   
   The agreement announced Tuesday would ensure a "procedure for the mutual cooperation under such a situation," they said.
   
   South Korea's Posco, the world's fifth steelmaker, said earlier this month it is seeking ways to fend off possible hostile takeover attempts, including asking Nippon Steel or local pension and state funds to buy its shares.
   
   Bron: via Yahoo finance
   
   
2. [verwijderd] 29 maart 2006 19:52

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   lekkere drogredenering weer.
   even vergeten dat de nettowinst van arcelor over 2005 ook boven consensus bleek te zijn, en wel 20 % boven mittal's eigen verwachting daarvan. nog afgezien van de verwachtingen.
   er komt beweging in het drama . koers van mittal stijgt onderwijl het hardst. moeilijk te zeggen wat er precies gaande is.
   
   UPDATE 3-Mittal to cut cash part of Arcelor bid
   Wed Mar 29, 2006 11:10 AM ET
   
   By Pete Harrison and Marcel Michelson
   
   LONDON/REIMS, France, March 29 (Reuters) - Mittal Steel (MT.N: Quote, Profile, Research) plans to cut the cash part of its 21-billion-euro ($25 billion) bid for Arcelor (CELR.PA: Quote, Profile, Research) by almost 6 percent to take account of the steel firm's higher-than-expected dividend.
   
   The move to take a quarter of a billion euros off the table in its unsolicited cash and paper offer came to light in a regulatory filing and is seen as an attempt to prevent its prey flushing out cash to resist attack -- a tactic Arcelor denies.
   
   Mittal, the world's largest steelmaker owned by Indian-born magnate Lakshmi Mittal, launched its offer for Arcelor in late January, sending shockwaves through the global steel industry.
   
   Mittal said at the time that it reserved the right to adjust the cash portion of the bid if Arcelor deviated from a 2005 dividend of 80 cents a share, which was the market consensus.
   
   Arcelor subsequently hiked its dividend by 85 percent, instead of 31 percent as expected, to 1.2 euros per share. The move is subject to approval by Arcelor shareholders.
   
   In a U.S. securities filing on Friday, Mittal confirmed that it would adjust its bid proportionately if Arcelor paid out more than 80 euros cents in dividend -- a mechanism which effectively treats the difference as an upfront payment on Mittal's bid.
   
   Arcelor's dividend is paid on May 29.
   
   "If Arcelor were to pay a dividend of 1.20 euros per share, the cash element of the primary offer would be reduced by 0.40 euros (1.20 less 0.80) per Arcelor share to 6.65 euros and the exchange ratio would remain unchanged at 0.800 new Mittal Steel shares per Arcelor share," a footnote to the filing said.
   
   Arcelor CEO Guy Dolle said last month the dividend hike was a sign of confidence in the future and was nothing to do with the Mittal bid, nor was it a one-off increase.
   
   The Luxembourg-based firm says it will increase rewards to shareholders steadily on the back of "structural profitability improvements" following a 30 percent rise in 2005 profit.
   
   Mittal has not yet officially launched its offer but the revised value notionally values Arcelor at 32.4 euros a share or 20.7 billion euros, just below Arcelor's current price.
   
   Arcelor shares ended up 1.62 percent at 32.62 euros while Mittal shares were up 1.79 percent at 31.89 euros in Amsterdam and 0.18 percent weaker in New York in morning trade.
   
   "ADVANCE PAYMENT"
   
   "If Arcelor decides to distribute extra cash to shareholders (above 80 cents a share), we will consider that as an advance payment on our offer and adjust the cash component of our offer accordingly," a Mittal spokesman said.
   
   It was not immediately clear, however, to what extent Mittal would have the flexibility to alter its originally announced bid under new Luxembourg takeover laws.
   
   Luxembourg Economy Minister Jeannot Krecke said in New Delhi he expected a formal bid by mid-April but that it would first need permission from regulators.
   
   Arcelor has consistently rebuffed Mittal Steel's bid, and the company highlighted the strength of its safety record on Wednesday, which has formed part of its defence.
   
   Arcelor was organising a health and safety day at more than 700 company sites in 60 countries, holding forums to discuss safety issues.
   
   Mittal Steel has said that a takeover of Arcelor would create all-round benefits for the enlarged group, but Arcelor has consistently argued that the two companies have very different corporate cultures.
   
   Arcelor said it had one of the best track records for health and safety in the steel industry, with the number of accidents at work steadily falling since the company was created in 2002.
   
   "We have in four years reduced the number of incidents by a quarter and one of the reasons is the exchange of experiences within the group," Arcelor's Dolle told Reuters at a briefing in the French city of Reims.
   
   Asked about speculation Arcelor might make a purchase in Brazil, Dolle said it was one of four key markets for the group.
   
   "We are already sufficiently big in Brazil, we are looking everywhere, everywhere in the world," he said.
   
   "I repeat what I have said all along -- the growth of Arcelor will take place in the BRIC countires- - B for Brazil, R for the old Soviet Union and Ukraine, I for India and C for China," he added.
   
   Dolle also said that Arcelor wanted to increase its distribution activities in eastern Europe.
   
   
3. [verwijderd] 29 maart 2006 20:02

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   dus nog geen uitsluitsel al zal het wel opnieuw meevallen voor mittal.
   
   Luxembourg to vote on takeover law on April 27
   Wed Mar 29, 2006 11:31 AM ET
   
   BRUSSELS, March 29 (Reuters) - Luxembourg's Parliament said on Wednesday it expected to vote on new takeover legislation on April 27, a law that could affect Mittal Steel's (ISPA.AS: Quote, Profile, Research) bid for Luxembourg-based Arcelor (CELR.PA: Quote, Profile, Research).
   
   Laurent Mosar, head of the finance committee of the parliament, also told Reuters that Luxembourg's highest administrative court, the Conseil d'Etat, would give its opinion on recent amendments made to the proposed law on April 4.
   
   The amendments include a provision that could potentially hurt Mittal Steel's offer for Luxembourg-based Arcelor by prohibiting it from submitting a new bid for 12 months from the date its offer fails or is withdrawn.
   
   Sources close to the deal previously said Mittal may need to file a new bid if Arcelor decided to change the structure of its business by issuing, for instance, new shares with a substantial discount or divesting assets.
   
   Luxembourg's new takeover law will apply to Mittal's bid which sources close to the matter expect to open during the second half of April.
   
   Mittal's unsolicited bid, worth 21 billion euro ($25.21 billion) for the world's second-largest steelmaker caused outcry in Luxembourg which sees the company, the nation's largest private employer, as the jewel in its crown.
   
   Luxembourg's government has strongly denied that the bill has been proposed in an effort to thwart Mittal's plans to take over Arcelor. For its part, Arcelor Chief Executive Guy Dolle has said the company had no need to resort to a poison pill.
   
   On Tuesday, Luxembourg's economy and foreign trade minister Jeannot Krecke told reporters that the proposed bill would not interfere with Mittal's bid.
   
   
4. [verwijderd] 4 april 2006 09:15

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   lijkt op een reactie op de verlaging van het bod, extra koren op de molen van arcelor.
   
   Arcelor Board of Directors takes measures in the interest of its shareholders
   
   * Proposed dividend increased to EUR 1.85
   * Decision on legal structure to ensure integration of Dofasco within Arcelor
   * Arcelor to distribute EUR 5 billion to its shareholders
   
   Luxembourg, April 4, 2006 - Arcelor's Board of Directors met on April 3, 2006 and took various measures in favor of its shareholders.
   Arcelor increases its dividend
   
   The Board of Directors of Arcelor will propose at the next General Shareholders' Meeting a dividend higher than announced on February 16, 2006. The distributed amount would accordingly be increased from euro 1.20 to euro 1.85 per share.
   
   Such modification reflects Arcelor's confidence in its results as well as in its capacity to achieve the "value plan" presented by its Management Board on last February 27. The amount of euro1.85 dividend per share also matches the goal of a 30% distribution rate of the group's net results for 2005, in line with the announced improvement of dividend distribution policy. This proposal demonstrates the confidence of the Board of Directors in Arcelor's earnings potential.
   Arcelor implements a structure ensuring the integration of Dofasco within Arcelor
   
   The acquisition of Dofasco is a key milestone in Arcelor's strategy in North America as it enables Arcelor to become a major supplier to American automotive industry, building on its longstanding alliance with Dofasco. This acquisition also gives Arcelor access to significant iron ore resources in North America. It will generate important synergies and is one of the cornerstones of Arcelor's value plan.
   
   The sale of Dofasco would on the contrary have negative consequences for the group, in particular by providing a competitor with the Extragal TM technology which has founded Arcelor success with its leading global automotive customers.
   
   The Arcelor Board of Directors therefore unanimously resolved to prevent a sale of Dofasco that would be against the interests of Arcelor.
   
   Accordingly, effective 3 April 2006, the Arcelor group transferred its shares in Dofasco to an independent Dutch foundation named "Strategic Steel Stichting" (S3). Arcelor will therefore retain full control over Dofasco, including all decision-making power and all economic interest relating to Dofasco, with the exception of any decision to sell Dofasco:
   
   * The S3 Board members will have independent control over any decision to sell Dofasco with a view to protecting the interests of Arcelor, its integrity and its stability.
   * S3 will be in place for at least five years unless the S3 Board decides to dissolve it.
   
   Joseph Kinsch, Chairman of the Board of Directors, said, "The acquisition of Dofasco is a key part of our profitable growth strategy and our vision of industry consolidation. We have formed the Strategic Steel Stichting to safeguard the interests of our shareholders, our employees and all our other stakeholders".
   Arcelor undertakes to distribute euro 5 billion to its shareholders
   
   Last February, the group announced its "value plan" composed of four major ideas: maintenance of Arcelor's industrial equipment at the highest level; strengthening of its leading positions on key markets; continuation of investment policy to ensure profitable and sound growth in accordance with its social and sustainable development policy.
   
   Given the quality of Arcelor's balance sheet, its distribution capacity and economic prospects, the Board of Directors announces its intention to distribute a total amount of 5 billion euros to the shareholders coming from group's available cash-flow. Such payment, which does not include the dividend payment of euro1.85, and which terms shall be decided later by the Board of Directors, could take the form of a share buyback, an extraordinary dividend payment or a self tender offer in between the date of the annual general meeting (April 28, 2006) and the end of the 12th month following the withdrawal or failure of Mittal Steel's hostile offer on Arcelor.