I would have liked but I don't have the means said t it

It is by a lunch with hundreds of investors in a palace Paris that Guy Dollé and Alexei Mordashov started, yesterday, their tour of presentation to the Arcelor-Severstal marriage market. They will be in London today and tomorrow, and then in Madrid Friday and in the United States next week. They give two weeks to convince. "The major issues include the value of Severstal, the group is little known to the international community, as well as on the mode of acquisition by a mix of cash and shares, with a ratio of Exchange based on the respective value of the two groups", explains the "Echos" Guy Dollé.

On the value of the Russian, "the"due diligence"continues and may give rise in June to an adjustment of the price of transaction in the event of significant changes in the value, but the price of 44 euros for Arcelor action will not change: is the number of issued shares which will be adjusted. Are particularly expected in June accounts in IFRS standards for some mines of Severstal, but "80 of the mines already have accounts in IFRS, and mining represents only 20 of the Ebitda of the group." Uncertainty about the value are much lower than in the case of Mittal! ", continues Guy Dollé. Similarly, in his eyes, for possible future expenses related to obsolete facilities or environmental risks.

Are still some points which need to be clarified, as the fate of 10 of the rated Severstal. "For the protection of shareholders, may we had to offer on the floating.". We must clarify this point with the authorities, said Alexei Mordashov. Generally, a public withdrawal offer is not excluded in the future but it is not our priority in the short term. "With respect to the 32.2 of Arcelor that the Russian contractor shall receive for the contribution of its group, it excludes beyond. "I would have liked but I don't have the means, said t - it.". The Luxembourg law requires to launch a takeover bid on the company as soon as it exceeds the 33.3. "Only a passive climb to the capital will be possible, as that will cause the next acquisition by Arcelor of a quarter of its capital.

Look to Asia

The situation remains uncertain under these conditions the attitude will adopt Mittal. "It is possible that we receive enough shares to own 40 of the combined group Arcelor-Severstal and that we keep this participation to be with Mordashov, one of the two large shareholders," says Manager of Mittal, Roeland Baan.

The group, Luxembourg, wants to believe that the Mittal page is turned and now looks to Asia. "It was important to take a walk in Russia, not because the limit that it assigns in his European steel exports jump when it will adhere to the WTO, noted Guy Dollé.". But now China is the priority of Arcelor. "The Luxembourg there has still not received the green light from the authorities in Beijing to 35 of Laiwu. A delay that to the fact he attributes that Mittal has interests elsewhere in the country, which may motivate a reluctance of antitrust authorities. But, by doing away the threat Mittal, "the merger with Severstal should now accelerate the Laiwu folder", hope Guy Dollé.