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MARKET REPORT: Mittal is steeling himself for deals
By Geoff Foster
Last updated at 9:47 PM on 24th September 2009
Comments (0) Add to My Stories Lakshmi Mittal, the Indian-born steel ty**** and Britain's richest man worth an estimated fortune of £12.5billion, is on the acquisition trail.
His advisers, led by U.S. broking giant Goldman Sachs, are said to be currently working on various mouth-watering corporate deals, at least one of which is expected to see the light of the day well before the end of the year.
Hot gossip suggests Mittal's number one takeover priority is Coal Of Africa, 4p better at a year's high of 1191/4p, and a cash offer of 250p a share is in the pipeline.
Lakshmi Mittal's advisers, led by U.S. broking giant Goldman Sachs, are said to be currently working on various mouth-watering corporate deals
He already owns 16.3 per cent of the mining group, via his giant steel company Arcelor Mittal, where he is chairman and chief executive.
Speculation has been rife since he bought the stake in April that it would be only be a matter of time before he swallowed the rest of the group's equity. Its loose change for him.
Coal of Africa owns coal mines at Mooiplaats, Vele and Makhado in South Africa. Coal production is increasing and should it reach maximum levels, the shares would be worth treble their current value.
MARKET REPORT: Mittal is steeling himself for deals
By Geoff Foster
Last updated at 9:47 PM on 24th September 2009
Comments (0) Add to My Stories Lakshmi Mittal, the Indian-born steel ty**** and Britain's richest man worth an estimated fortune of £12.5billion, is on the acquisition trail.
His advisers, led by U.S. broking giant Goldman Sachs, are said to be currently working on various mouth-watering corporate deals, at least one of which is expected to see the light of the day well before the end of the year.
Hot gossip suggests Mittal's number one takeover priority is Coal Of Africa, 4p better at a year's high of 1191/4p, and a cash offer of 250p a share is in the pipeline.
Lakshmi Mittal's advisers, led by U.S. broking giant Goldman Sachs, are said to be currently working on various mouth-watering corporate deals
He already owns 16.3 per cent of the mining group, via his giant steel company Arcelor Mittal, where he is chairman and chief executive.
Speculation has been rife since he bought the stake in April that it would be only be a matter of time before he swallowed the rest of the group's equity. Its loose change for him.
Coal of Africa owns coal mines at Mooiplaats, Vele and Makhado in South Africa. Coal production is increasing and should it reach maximum levels, the shares would be worth treble their current value.
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