Luxembourg: Mittal steel's chairman, Lakshmi Mittal can breath easy now. Arcelor's shareholders have rejected the European steel major's merger plans with Russian steel company Severstal.
Sixty per cent of Arcelor's shareholders were present at the meeting to decide the fate of the Severstal deal and 57 per cent of them voted against it.
In the process, they accepted Mittal Steel's 32.3 billion dollar offer, which was approved by the Board of Arcelor on June 25 after a five-month long battle.
Earlier this week, the Arcelor management had agreed to the merger with Mittal steel after a five-month long battle during which Arcelor had sought a tie-up with Severstal.
But Severtal was beaten to the post by Mittal last week after he upped his bid considerably.
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