Arcelor Shareholders Sue Over Buyout Offer

Law360, New York (November 5, 2007, 12:00 AM EST) -- Though steel giants Arcelor SA and Mittal are already operating as one company, a group of Arcelor's minority shareholders has made a last ditch effort to thwart the €30 billion merger, telling ArcelorMittal that they will sue over the company's offer for their company stock.

Hedge funds Deminor Investment Management, Trafalgar Asset Managers and SRM Global Fund said on Monday that they would sue the newly combined company in a Luxembourg court after ArcelorMittal lowered its buyout offer for Arcelor's remaining shares.

During initial buyout negotiations,...
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