Arcelor Rejects Mittal Steel Bid

Mittal's offfer for the rival steelmaker was $22 billion.
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Arcelor's

board on Sunday unanimously rejected a $22 billion takeover bid by

Mittal Steel

(MT) - Get Report

.

"The Board of Directors has resolved that it unanimously rejects Mittal Steel's unsolicited proposal which it considers hostile," said the company in a statement.

"After a thorough review and analysis of the elements at its disposal, the board has swiftly concluded that Arcelor and Mittal Steel do not share the same strategic vision, business model and values," the statement said.

Mittal, based in Rotterdam, the Netherlands, is the world's largest steelmaker, a position it took from Luxembourg-based Arcelor after buying U.S.-based International Steel Group.

The

offer valued Arcelor shares at $24.50 apiece.

Mittal closed Friday in

NYSE

trading at $34.26, up $1.96, or 6.07%.