Arcelor exectives will meet Mittal management soon to discuss a business plan submitted by Mittal as part of its bid for Arcelor. According to Arcelor sources, its review of the plan, which it had received last Friday, was continuing but it had identified a number of questions."Arcelor anticipates that a meeting between representatives of the two management teams to discuss the Mittal Steel standalone business plan will take place in the coming days," the company said in a statement on its website.Luxembourg-based Arcelor has been trying to fend off a hostile takeover bid from Mittal Steel, the world's largest steel producer, since January. The offer was officially launched on May 18 and is now $ 32 billion.On May 26, Arcelor announced plans to acquire Russian steel maker Severstal in a deal that would give Severstal a 38% stake in the European group. Industry analysts have said an Arcelor-Severstal tie-up could result in an entity that might be too big for Mittal to swallow.But Mittal Steel, which has Indian origins but is headquartered in the Netherlands, has maintained its bid, hoping to win the backing of Arcelor shareholders.
