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June 27, 2006   

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Who's who: Arcelor-Mittal saga

Lakshmi N Mittal, Chief Executive Officer, Mittal Steel

L N Mittal's big dream has finally come true. A hot pursuit which started on January 27, 2006 had a happy ending for the world's richest Indian on June 25.

After a much publicised and dramatic five-month long battle, the Arcelor board unanimously accepted Mittal's offer of 40.44 euro per share, which is 26.9 billion euro or $33.6 billion, making Arcelor-Mittal the largest steel combine in the world.

Mittal had earlier faced severe criticism from Arcelor which termed his bid as hostile. But finally, his higher offer and unrelenting perseverance paid off, establishing his prowess in the steel industry.

Lakshmi N Mittal will now be the president of the new steel giant Arcelor-Mittal.

Arcelor-Mittal, the new entity will be based on the Arcelor industrial model. It has been decided that the management board will have 7 members, including four from Arcelor -- including CEO Guy Dolle and three nominated members from Mittal Steel.
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Photographs: Getty Images
Also read: Arcelor accepts Mittal's bid

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