Mittal raises bid for rival

Mittal, the steel giant has raised its bid for rival Arcelor, also the company has promised changes in corporate governance and voting structure.

According to Telegraph.com.uk, "The group(Mittal Steel), headed by the billionaire Lakshmi Mittal, has improved its offer to €37.74 a share from the hostile €28.21 a share bid made in January, valuing Arcelor at €25.8bn (£17.5bn).

Arcelor will hold a board meeting this weekend to assess the improved offer. A spokesman said: "No reaction or recommendation to our shareholders will be made prior to that meeting."

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