Mittal may shift Kazakh oil assets to OVL tie-up

World’s fifth-richest person and chief executive officer of the largest steel producer Arcelor Mittal, Lakshmi N Mittal said on Wednesday that he plans to transfer the Kazakhstan oil assets, he acquired recently for $980 million from Russia’s Lukoil, to his joint venture firm with ONGC Videsh Ltd (OVL).

In April, Mittal had acquired the Russian oil firm Lukoil’s 50% stake in Caspian Investments Resources (CIR). CIR has equity in five Kazakh oil fields—Alibekmola, Kozhasai, Northern Buzachi, Karakuduk and Arman—in the Aktyubinsk and Mangistau regions. Current production from the fields, which have total proven reserves of some 270 million barrels, is more than 40,000 barrels per day and is set to increase in the coming years.

Read more in Financial Express

Mittal richest person in UK for 3rd straight year

NRI Steel tycoon Lakshmi Mittal today for the third successive year topped the list of the richest person in Britain with a wealth of 19.250 billion pounds even as the Hinduja brothers and Lord Swraj Paul emerged as the second and third richest Asians in the UK.According to The Sunday Times Rich List 2007, 56-year-old Mittal, President and CEO of Arcelor Mittal - the world's largest steel producer, saw his wealth shoot up from 14.881 billion pounds in 2006 to 19.250 billion pounds this year, an increase of staggering 4.369 billion pounds in one year.The wealth of Sri Chand and Gopi Chand Hindujas, Chairman and President respectively of the Hinduja Group, registered a steep increase during the last one year - from 3.6 billion pounds to 6.2 billion pounds catapulting them to the position as the second richest Asians and fourth richest in the UK.Similarly, Lord Swraj Paul, founder-Chairman of the Caparo Group, also witnessed substantial growth during the year with the total wealth increasing from 465 million pounds to 1.5 billion pounds this year. The 76-year-old Lord Paul's wealth is almost five times that of Queen Elizabeth II, whose wealth has been estimated at 320 million pounds.

Mittal violating pact with ONGC: official

Steel tycoon Lakshmi N Mittal's acquisition of 49% stake in Hindustan Petroleum's $3 billion Bhatinda refinery has violated his pact with Oil and Natural Gas Corp (ONGC) to pursue hydrocarbon opportunities exclusively with the flagship Indian firm, an ONGC official has said.

Though Mittal inked a joint venture agreement in July 2005 with the state-run firm to form ONGC-Mittal Energy for acquisition of oil and gas fields, refinery business and LNG projects, the steel czar recently decided to go it alone in investing Rs 3,300 crore in the Bhatinda refinery.

Besides, Mittal has on his own bought 50% stake in a Kazakhstan oil firm from Russia's Lukoil for $980 million and acquired 3% stake in the $6 billion Chevron-operated Olokola LNG (OK-LNG) project in Nigeria.

Read more at Business Standard

Mittal not doing an Arcelor at Posco

South Korean media reports about the world’s largest steel maker Arcelor Mittal eyeing a hostile takeover bid for Posco, the third largest steel company in the world, have been denied by both companies. A top Arcelor Mittal executive told ET that there was no truth in these reports.
Posco, too, has has denied a Korean newspaper report that a senior Arcelor Mittal executive expressed interest in Posco’s M&A strategy when he visited South Korea last month. “The Arcelor Mittal executive and Posco CEO talked about the consolidation in the global steel industry at that time but the executive did not mention Poscos’s M&A strategy,” a Posco official told news agencies.

The Korea Economic Daily on Friday reported that Arcelor Mittal could be interested in making a hostile takeover of South Korean steel maker. Citing an unnamed Posco executive, the local paper reported that Arcelor Mittal’s interest in the Korean major’s M&A strategy means the firm has put Posco on its M&A target list. Roland Junck, a member of Arcelor Mittal’s management board, had met Posco chief executive Lee Ku-taek last month.


Read more at The Economic Times

Mittal planning hostile bid for POSCO: Reports

India-born steel tycoon L N Mittal is planning a hostile takeover bid for South Korea's POSCO, even as the Korean giant is looking to build up its defence against any such move by raising friendly shareholding in the company, media reports said.

The Korea Economic Daily today reported that the world's largest steel maker Arcelor-Mittal was mulling hostile takeover of Pohang Steel Company (POSCO) and a message about Arcelor-Mittal's interest was conveyed to the Korean major last month.

The paper said that Roland Junck, an adviser to Arcelor- Mittal CEO Lakshmi Mittal had in February asked POSCO specific questions about its merger and acquisition strategies in Asia.

Read more at Business Standard

Mittal rings in structural rejig at Bharti

NEW DELHI: Bharti Enterprises on Friday announced a new apex-level organisational structure effective from April 1, 2007, under which it will only play a supervisory role and be the strategic architect of all businesses of the group.

“Bharti Enterprises will now be responsible for evaluating new business opportunities, mergers and acquisitions and strategic alliances for the group,” its chairman and CEO Sunil Mittal told ET.

The group, best known for its cellular services under the Airtel brand, also has interests in diversified business areas including retail, communication and media devices, insurance and financial services, agri, BPO and software.

Read more at Economic Tmes

POSCO denies hostile bid by Arcelor-Mittal

SEOUL: POSCO Co Ltd , the world's third-largest steel maker, denied a media report on Friday that a senior Arcelor Mittal executive expressed interest in POSCO's M&A strategy when he visited South Korea last month.

The Korea Economic Daily said Arcelor-Mittal, the world's biggest steel maker, could be interested in making a hostile takeover of South Korean steel maker POSCO Co. Ltd.

Roland Junck, a member of Arcelor-Mittal's management board, met POSCO Chief Executive Lee Ku-taek last month, but M&A issues were not discussed, the South Korean firm said at the time.

"There was no discussion on issues related to M&A when the Mittal executive met POSCO CEO last month," an official reiterated on Friday.

The official also said the company was seeking to increase the number of investors supportive to POSCO's existing strategy to ensure stable management.