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Russia's prime minister said Monday he hoped that the merger of Severstal and Arcelor would be finished by July 20
Russia's prime minister said Monday he hoped that the merger of Severstal (RTS: CHMF), Russia's largest steelmaker, and world No. 2 Arcelor, would be finished by July 20. Mikhail Fradkov said at a meeting with President Vladimir Putin that the government supported the deal and would do everything possible to make it a success. The merger, announced Friday, will create the world's largest steel producer if it goes ahead. The federal anti-monopoly service has yet to examine the deal, and could yet shoot it down. The companies said in a joint press release Friday that the new steel giant "will be the Number 1 steel company in the world with 46 billion euros [$60 bln] in sales ... and 70 million tons of production" based on last year's results. Under the deal, Severstal's principal shareholder, Alexei Mordashov, will swap his stake in Severstal, Severstal-resurs, and Italy's Lucchini, plus 1.25 bln euros (about $1.62 bln) in cash, for an additional issue of 295 million Arcelor shares, at a rate of 44 euros per share ($56). As a result, Mordashov will have a 32% stake in the merger, with the other 68% being held by Arcelor's current shareholders. At the same time, Mordashov said that Severstal would remain a Russian company and legal entity registered in Russia and paying its taxes in Russia.
Print Russia's prime minister said Monday he hoped that the merger of Severstal and Arcelor would be finished by July 20 Bookmark Russia's prime minister said Monday he hoped that the merger of Severstal and Arcelor would be finished by July 20

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