NRI steel tycoon Lakshmi Mittal is considering relinquishing his controlling stake - a move that could lower the barriers to shareholders accepting his $22.1 billion hostile offer for Luxembourg-based Arcelor, a media report said on Monday.
Lakshmi Mittal and family who own 88 per cent of the shares in Mittal Steel, is considering letting his stake fall to less than 50 per cent to address concerns of Arcelor shareholders, The Financial Times said.
Under one option being studied by the Indian billionaire's advisers, the company could drop its insistence that the Mittal family have twice as many votes as ordinary shareholders in a new combined Mittal/Arcelor, it said.
Some Arcelor shareholders had reservations about the size of the overall stake and the preferential voting rights for his family, an advisor was quoted as saying in the paper.
The decision to reduce his stake and scrap the special voting rights might also encourage the Arcelor board, hostile to the bid so far, to agree to open talks, it said.
The world's largest steel producer is making a hostile bid to takeover its nearest rival Arcelor.
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