Brazil Regulator Rules Against Mittal

Brazilian securities and exchange commission, CVM, has ruled that Netherlands-based Mittal Steel must offer to buy out minority shareholders of Brazilian steel company Arcelor, which Mittal bought as part of its merger with rival Luxembourg-based steelmaker Arcelor. The ruling could add up to $4 billion to the cost of the $38.3 billion merger, according to Mittal which appealed the decision on the basis that the merger is one of equals and not a takeover.