Mittal Steel said it had launched an €18.6 billion offer for French rival Arcelor.

Mittal Steel said the offer was worth €28.21 a share, a 27 per cent premium to Arcelor's closing price on January 26. Under the offer, Arcelor shareholders will get four Mittal Steel shares and 35.25 for every five Arcelor shares, Mittal Steel said in its statement.

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