Amsterdam: Mittal Steel, the world's biggest steel maker, claimed success on Tuesday for its improved 25-billion-euro ($31-billion) takeover offer for Luxembourg-based Arcelor.
Mittal said while a global centralising agent was still in the process of verifying and counting acceptances the minimum had been met on a preliminary basis.
Mittal is targeting 50 per cent of Arcelor's outstanding shares on a diluted basis as a minimum. The final results of the offer will be published on July 26.
Last month Arcelor's board ended five months of vehement opposition and accepted Mittal's improved offer to form a firm three times larger than its nearest rival.
Mittal shares rose 1.2 per cent to 25.50 euros by 0745 GMT in Amsterdam, while Arcelor shares were up 0.4 per cent at 39.39 euros in Paris. Rabo Securities analyst Richard Brakenhoff said Mittal could reopen the offer to gain a maximum number of Arcelor shares.
"It depends on how many shares they get. Maybe there will be an extended offer period," he said.
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