Mittal Steel formally endorsed its hostile takeover offer to shareholders in European Steel maker Arcelor.
The offer was launched in the US, two weeks after the start of proceedings in Europe.
Arcelor decided to talk over the matter, just after steel rivals launched advertising campaign on Thursday.
Mittal declared- “Arcelor shareholders, you have the right to be heard” via a full-page advertisement in the financial Times & the wall street Journal. The advertisement carried a cartoon displaying an audience of investors with their mouths gagged.
The recent agreement by Arcelor to talk to Mittal seems to be an end of four-months long war of words between the two largest steel groups of the world.
