Three hedge funds investing in steel giant Arcelor have asked a Dutch court to block the company's proposed $40 billion takeover by Mittal Steel, saying that revised terms have cost them $205 million. The hedge funds, which want a higher conversion value for their Arcelor shares, want to block the first phase of the deal under which Mittal is to combine with ArcelorMittal, a holding company. A Mittal lawyer said the Rotterdam Court in the Netherlands had no jurisdiction over the planned buyout.
August 23, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Three investors in steel giant Arcelor SA asked a Dutch court Wednesday to block the company’s proposed $40 billion takeover by Mittal Steel Co. NV, saying that revised terms have cost them $205 million.
The steel companies already call themselves ArcelorMittal, but three hedge funds — SRM Global Master Fund Ltd., Trafalgar Catalyst Fund and Trafalgar Entropy Fund — want to block the first phase of the deal under which Mittal is to combine with ArcelorMittal SA, a holding company.
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