Mittal-Arcelor deal through!

Are the global businesses on a shopping spree? Nokia filled its shopping cart with the Seimens deal a week ago and the latest addition is MittalArcelor deal. Mittal merged with its rival Arcelor for about $33 billion! making it the worlds largest steel producer with a capacity of more than 100 MT which is 3 times the capacity of Nippon which currently holds the second spot in steel production. But this deal is not 100 percent sweet for LN due to certain conditions some of which are LN cannot increase its family held share of 44.5% in the new company for 5 years, secondly, the new company will be headed by an Arcelor employee instead of Laxmi Mittal himself, the board would consist of 18 members of which 12 would be from Arcelor itself and the rest i.e. 6 from Mittal Steel. Previously, when LN was supposed to sell his stake in DoFASCO in Canada has made a decision i.e. not to sell anything and hold on to it. Hence the total workforce of the Mittal empire considering all its acquisitions is estimated around 320,000 employees. Now thats a long payroll list.
Even though this merger looks a bit bitter in some areas, it is very good for India, Inc. as it shows the entrepreneurial spirit of Indians.