MUMBAI/TOKYO -- ArcelorMittal and Japan's Nippon Steel & Sumitomo Metal on Friday declared victory in the fight for India's debt-ridden Essar Steel India.
However, the protracted battle over Essar's future may not be over after its shareholders requested the company be withdrawn from India's bankruptcy process. One creditor told the Nikkei Asian Review that lenders were seeking legal advice on whether they had to consider a last minute pay-up offer from Essar's shareholders. If they are obliged to do so, the decision to sell the company to ArcelorMittal could be overturned. The Luxembourg company is the sole bidder but plans to run the business through a joint venture with Nippon Steel.
