Arcelor-Mittal will take time to become operational

New Delhi, Sep 20: The acquisition battle between steel giants Mittal Steel Co and Arcelor SA might have come to an end but it will take some more time to make the merger operational.

''The companies are in talks with each other to finalise the final operational plan for the merger but it will take some more time to come to any conclusion,'' Dr Hans Ludwig Rosenstock, Chief Operating Officer, Mittal Steel Galati SA, Romania, said here today.

Arcelor-Mittal had entrusted the task of operational implementation of the plan of merger between the component firms to a committee set up with mutual consent of partners.

The committee comprises of 24 senior executives from both companies and includes six members of the management board of the combined entity.

In late June, steel baron L N Mittal's bid to takeover rival Arcelor SA reached an agreement when the European shareholders of Arcelor approved the increased offer from Mittal Steel Co.

Mittal had initially offered 23 billion euros at 35.3 euros per share but later on increased it to 28.07 euros at 43 euros per share and the 100-million tonnes steel conglomerate Arcelor-Mittal came into existence.

In August, the new entity had appointed Mr Roland Junck, Senior Executive Vice President of Arcelor's Group Management Board, as Cheif Executive Officer and Mr Aditya Mittal, Chief Financial Officer (CFO) of Mittal Steel, was made the CFO of the merged entity.

It had also named members of the Management Board and Board of Directors for the company.

UNI