ArcelorMittal makes open offer for Uttam Galva Steel


India-origin billionaire Lakshmi Mittal-led ArcelorMittal today made an offer to buy an additional 29.4 per cent stake in domestic steel firm Uttam Galva Steel at Rs 120 a share. In a public announcement made to the shareholders, ArcelorMittal said its open offer would begin on October 31, and close on November 19, 2009. The open offer comes following ArcelorMittal’s announcement to snap up a 35 per cent stake in Uttam Galva through a mixed route of share purchase from existing promoters and open offer.

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