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After bidding head to head against Arcelor, Mittal steel buys Kryvorizhstal, Ukraine. The obvious idea of bidding and other synergies strike Aditya Mittal. Suggests idea to father first and then few others. Idea enchants all. Aditya Mittal calls Alan Davezac to explore the idea of cooperation with Arcelor.


At 3rd Steel Success Strategies, Europe, conference in London, Aditya suggests to Davezac that Mittal and Guy Dolle meet. Stage is now set for a meeting between the two bosses.


Various dates tossed around.


6 January

A meeting between Mittal and Dolle confirmed for 13 January. Market gets wind of something big in the offering. Headhunters with a mandate to recruit for Mittal's operations in Europe go quiet. Journalists say normally accessible Mittal Steel executives suddenly seem busy. Mittal Steel appoints bankers Goldman Sachs, HSBC, Citi and Soc Gen follow later.

13 January

Dinner at Mittal residence. Lakshmi Mittal, Aditya, Dolle and Davezac present. Mittal suggests idea of merger. Dolle non-committal. They decide to meet again.

20 January

Mittal calls Dolle to request meeting over weekend. Dolle unavailable. Meeting date set for 24 January at Luxembourg.

23 January

Thyssen says it will not increase bid price for Dofasco. Dofasco board recommends Arcelor's offer.

24 January

Dolle cancels Mittal's meeting, rushes to Canada. Mittal checks with Thyssenkrupp chairman Ekkechard Schultz if he is interested in Dofasco if Mittal offer for Arcelor succeeds.

26 January

Mittal Steel, Thyssen sign binding agreement. Eight insiders and few bankers know what's cooking. Media queries begin. Concerned about leaks, it plans to make offer public next day. Mittal calls Dolle at night and tells him.

27 January

Mittal Steel press conference. Mittal's gambit shocks the world. The offer: 4 Mittal shares for every 5 Arcelor shares, plus euro 35.25 in cash.

28 January

Arcelor press conference. Dolle declares he'll fight Mittal. Compares Mittal Steel to eau de cologne and Arcelor to perfume.

February - March

Europe descends on Mittal. Intense debate on globalisation, takeovers, etc. Both sides begin charm offensive. Teams readied. Mittal team of 40 insiders led by Aditya and Sudhir Maheshwari, MD, Biz Development and Treasury, plus 360 outsiders. Arcelor team of six insiders led by Gonzalo Urquijo with Dolle, plus 90 odd outsiders. Neither side sets up 'war-rooms'.

4 April

Arcelor announces higher dividend on Euro 1.85 on share. Mittal says will reduce cash component of offer. Arcelor shifts Dofasco to a special Dutch trust. Marcelo accused of patchy governance. Company defends move.

28 April

Arcelor AGM lacks sizzle. Pre AGM, minority shareholder call for chairman Kinsch's ouster. Kinsch relected.

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