Brussels/London: Mittal Steel's 19 billion-euro ($24.33 billion) hostile bid for rival Arcelor is set to be cleared by stock market regulators imminently, sources close to the matter said on Tuesday.
The sources said regulators would most likely clear Mittal's offer prospectus on Tuesday or Wednesday. "It's imminent," one source said, adding that there were no regulatory hurdles left that could delay the clearance.
A separate source earlier said the go-ahead would provisionally be given on May 16.
As Arcelor is listed in Luxembourg, France, Belgium and Spain, the financial regulators in all four countries must give their approval to Mittal's offer prospectus before shareholders can tender their shares.
Separately, Dutch financial regulators said on Tuesday that they had given their approval to Mittal to issue up to 547.57 million new class A shares to finance its unsolicited bid.
Mittal Steel announced last week that it was hoping its cash and equity offer would begin this week.
"We expect it to be the early part of next week, but we have been wrong before. We are keeping our fingers crossed," Chief Financial Officer Aditya Mittal had said.
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