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Posted by Bhumika Ghimire Jul 1, 2006 |
According to ABCNews.com,"Arcelor yielded to Mittal's 25.4 billion euros offer ($31.92 billion) Sunday, ending a bitter five-month battle and jilting Russian partner Severstal."
This came after the Arcelor's two largest shareholders stood in support of the deal. The new company, Arcelor-Mittal with be based in Luxembourg.