ArcelorMittal's sweetened offer for Essar Steel knocks shares

By Philip BlenkinsopBRUSSELS (Reuters) - ArcelorMittal shares fell more than 2 percent on Tuesday after the company raised its offer for India's debt-laden Essar Steel, prompting concerns that it was paying too much.

The world's largest steelmaker is forming a joint venture with Japan's Nippon Steel & Sumitomo Metal Corp to bid for Essar in competition with Russian lender VTB and Vedanta Resources. ArcelorMittal said on Monday that it had submitted a revised proposal representing a "material increase" on its two previous offers, adding on Tuesday.....

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