Mittal Takeover Bid Fears at Korean Steel Giant Posco

ARCELOR Mittal, the world’s largest steelmaker run by Lakshmi Mittal, London’s richest man, is reported to be eyeing South Korean steel giant Posco. But the Asian company, the third largest steel group, is an unwilling target. Today it declared it was taking steps to thwart any hostile takeover attempt and added that it had received no approaches. Reports in Seoul suggest Arcelor Mittal may make a hostile bid if Posco were to reject advances. “The Arcelor Mittal executive and Posco CEO talked about the consolidation in the global steel industry at that time but the executive did not mention Posco’s MA strategy,” a Posco official said today.

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