Mittal CEO confident of Arcelor bid support

LONDON, Mar 20 (Reuters) The chief executive of the world's biggest steel maker, Mittal Steel, said on Sunday he was confident of gaining enough shareholder support to complete a billion hostile takeover of rival Arcelor by the end of June.

''I am confident we will win, I am not even thinking beyond that.

I am sure shareholders will make the right decision because they like this (consolidation) in the steel industry,'' Lakshmi Mittal told BBC Radio in an interview.

Asked if Mittal would own Arcelor in a year's time, Mittal replied: ''Much before that. If you look at our timetable we should be completing this transaction in three months' time.'' Although Mittal announced its proposed share-and-cash bid for Arcelor on Jan. 27, the takeover battle remains in its dress rehearsal phase as bourse regulators need to approve bid documents before investors can start to decide the outcome of an offer worth around 19.3 billion euros at current share prices.

''This deal is not about power or money, it is about the consolidation of the industry. Consolidation means improving the sustainability of the industry,'' said Mittal.

Rotterdam-based Mittal is attempting to persuade Arcelor shareholders that they would benefit from the transaction. Under Mittal's offer, Arcelor shareholders would get four Mittal shares and 35.25 euros for every five Arcelor shares.

REUTERS VJ RAI0637