Amsterdam: Mittal Steel, the world's largest steel maker, said on Friday it has obtained the US antitrust clearances for its bid to acquire rival steel making company Arcelor.
Mittal said in a statement that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to its bid for Arcelor has already expired on May 11.
Mittal also reported on Friday, a 17 percent rise in the first quarter operating income to $1.017 billion from the last quarter of 2005, on sales of $8.430 billion.
The steelmaker had proposed on May 5, to sweeten its € 20 billion ($25.44 billion) bid for Arcelor, provided Arcelor's board ended its resistance to a takeover and recommended a revised bid.
"The US Department of Justice has not issued any request for additional information and documentary material in connection with the transaction," Mittal said in a statement.
The U.S. justice department, however, continued to investigate an area of overlap between the two companies' operations in North America.
Mittal said its intention to sell Arcelor's recently acquired Canadian unit Dofasco to ThyssenKrupp would satisfy possible concerns by the department.
Mittal wants to sell Dofasco partly to finance the Arcelor acquisition, but Arcelor has transferred Dofasco's ownership to a special Dutch foundation to hinder Mittal's move.
"If Mittal Steel is unable to sell Dofasco to ThyssenKrupp due to Arcelor's transfer of its Dofasco shares, Mittal may instead resolve any competitive concern by selling an alternative asset," the statement said.
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