And to create the holding company they will need an exemption from having to make a mandatory tender offer for all shares from France's Financial Markets Authority (AMF).

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Mordashov, perhaps mindful of the cool reception given in May to the Severstal merger by Arcelor's rebel shareholders, also confirmed his intention not to increase his shareholding in Arcelor above 33.3%, without making a mandatory tender offer to all shareholders--in accordance with Luxembourg law.

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