The merger, announced May 26, would create the world's largest steel producer if it goes ahead, but has attracted fierce resistance from shareholders of Luxemburg-based Arcelor, the world No. 2 steelmaker. The companies said the new firm would have "46 billion euros [$60 bln] in sales ... and 70 million tons of production" based on last year's results.
Arcelor said it would also consider a new proposal on the merger from Severstal boss and principal shareholder Alexei Mordashov.
Under the new proposal, Mordashov will receive 210 million new Arcelor shares - down from the previous 295 million - which represents approximately 25% of the merged company, against the previous 32%. He will be free to vote with his shares in line with normal shareholder practices and the standstill and lockup provisions will be eliminated.
