Arcelor's £700m （株主への）配当 策略

By THIS IS MONEY
Updated: 09:16 BST, 4 April 2006

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EUROPEAN steel 巨大（な） Arcelor was today 推定する／予想するd to 明かす a special （株主への）配当 totalling more than ?1bn (£698m) in its most 劇の move yet to escape a ?21bn 敵意を持った 企て，努力，提案 by London steel 大君 Lakshmi Mittal.

Arcelor 長，指導者 (n)役員／(a)執行力のある Guy Doll? is 始める，決める to make good on his 約束 to raise Arcelor's 収入s payout 割合 to more than 50% of 逮捕する 利益（をあげる） by 手渡すing 支援する an extra 30% of last year's 利益（をあげる） to 株 支えるもの／所有者s.

In February, Arcelor, the world's second-biggest steel company, surprised 株主s by 突然の raising its 以前 用心深い payout 割合. Doll? and his board 上げるd the 2005 （株主への）配当 by 85% to ?1.20 a 株 and 示すd they were 的ing a 50% payout within three years.

But, under 圧力 from Mittal, the Arcelor board is believed to have decided to 支払う／賃金 an 付加 （株主への）配当 of ?1.90 a 株 or more. That will take the total payout from last year's 逮捕する 利益（をあげる）s of ?3.8bn to ?1.9bn - half of the company's 逮捕する income.

The extra （株主への）配当 is a smart 戦術の move, designed to 減ずる the 割合 of Mittal's 企て，努力，提案 payable in cash, so that 受託するing 株主s would be left with more Mittal paper.

Mittal, who runs Mittal Steel out of London although it is 合法的に 住所／本籍d in the Netherlands, has 警告するd in filings that he will 減ずる the cash element of his 企て，努力，提案 by a sum equal to any greater-than-推定する／予想するd （株主への）配当s paid out by Arcelor.

Because 株 in both MSC and Arcelor have 殺到するd since the 企て，努力，提案 was 発表するd, Mittal's 申し込む／申し出 of four Mittal 株 加える e35.25 in cash for every five Arcelor 株 含む／封じ込めるs a cash 構成要素 of just over 20%, some ?5bn.

But Arcelor believes many of its 株主s may be 気が進まない to take Mittal paper because even if the 企て，努力，提案 後継するs, the 大君 and his family will still 支配（する）／統制する a 大多数 of its 株 and 投票（する）s.

The 大君's audacious 企て，努力，提案 for Arcelor, 住所／本籍d in Luxembourg and 含む／封じ込めるing the 残余s of the French and Spanish steel 産業s, 最初 刺激するd 敵意を持った reactions from the French, Luxembourg and Spanish 政府s, 同様に as 乱暴／暴力を加える from Doll?.

But Arcelor 株, which の近くにd last night at ?32.79, have been 正確に／まさに 跡をつけるing the value of Mittal's 申し込む／申し出.