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Brazil antitrust body OKs Mittal-Arcelor merger

Wed Mar 28, 2007 8:47pm EDT

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RIO DE JANEIRO, March 28 (Reuters) - Brazil's anti-trust watchdog, Cade, approved on Wednesday, without restrictions, last year's mega-takeover of steel company Arcelor by Mittal Steel in terms of its impact for the Brazilian market.

Regulatory News

Cade, or the Administrative Council for Economic Defense, said in a statement published on its Web site the deal that formed the world's largest steelmaker, Arcelor Mittal (MT.N), did not bring unfair competition risks for Brazil.

Cade has no power to block the global deal, but it could have applied restrictions in what affects Brazil. Antitrust authorities in the European Union, the United States, Canada, China and several other countries have already approved the takeover.

While the Brazilian anti-trust watchdog has no problems with the giant steelmaker, the company has said it will consider going to court if it cannot find an agreement with securities regulator CVM on the price to buy out minority shareholders of its local unit, Arcelor Brasil ARCE3.SA.

Last week, the regulator said Arcelor Mittal should pay about 49.75 Brazilian reais ($24) a share, compared with the offer of about 35 reais that the company had put forward. ($1=2.069 reais)

Regulatory News


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