In headlines this morning: Mittal finally makes a go for Arcelor, Burger King foresees hefty IPO returns as it braces to float Thursday and on Enron, the jury is now out.
The world’s top steelmaker, Mittal Steel Co. NV, made good on its promise nearly four months coming, and formally launched its $27 billion bid for rival Arcelor SA today. The offer is set to expire June 29.
In other news, the No. 2 burger and fry chain in the U.S. set its share price at $17 apiece — the high end of its $15 to $17 range — ahead of its New York Stock Exchange debut today. The price represents a market capitalization of nearly $2.2 billion for Burger King.
Meanwhile, one of the most notorious corporate fraud trials in history has gone to the jury. Both sides wound down closing arguments in the trial of former Enron Corp. executives Kenneth Lay and Jeff Skilling Wednesday and handed the case to the jury to deliberate.
And coming up in The Daily Deal midday PDF and also on TheDeal.com: Morgan Stanley Capital Group Inc. upped its offer for TransMontaigne Inc. from $10.50 to $11 per share; and Bank of China Ltd., the country’s No. 2 lender, is more than 6 times subscribed for its upcoming initial public offering, just days after its executives set off on an international road show.—Carolyn Murphy
Mittal launches Arcelor bid
Burger King IPO tops range
Enron jury begins deliberations
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