India's Essar Steel creditors' panel chooses ArcelorMittal's joint bid

The committee of creditors of debt-laden Essar Steel India Ltd has chosen ArcelorMittal SA and Japan's Nippon Steel & Sumitomo Metal Corp as the winning bidders for the asset, Nippon Steel said in a statement on Friday.   The two companies would pay a total of $5.

7 billion to buy Essar Steel, a Nippon Steel spokesman said. ArcelorMittal would own a majority stake, and Nippon Steel would own a nearly equal stake, he added.   "The acquisition will be implemented subject to the approvals of Indian National Company Law.....

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