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May 27, 2006 | From the Associated Press
European steel giant Arcelor, fighting a hostile bid from Mittal Steel Co., said it had reached a deal that would give it a controlling stake in Severstal, Russia's largest steelmaker, and 1.25 billion euros ($1.59 billion) in cash in exchange for 32% of Luxembourg-based Arcelor. The combined company would surpass Amsterdam-based Mittal in terms of revenue and production. Under the deal, Alexei Mordashov, Severstal's controlling shareholder, would pay Arcelor 1.
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BUSINESS
May 27, 2006 | From the Associated Press
European steel giant Arcelor, fighting a hostile bid from Mittal Steel Co., said it had reached a deal that would give it a controlling stake in Severstal, Russia's largest steelmaker, and 1.25 billion euros ($1.59 billion) in cash in exchange for 32% of Luxembourg-based Arcelor. The combined company would surpass Amsterdam-based Mittal in terms of revenue and production. Under the deal, Alexei Mordashov, Severstal's controlling shareholder, would pay Arcelor 1.
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