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Business deals

Indian court clears ArcelorMittal's $6bn offer for Essar Steel

Ruling comes nearly two years after Indian steelmaker's bankruptcy saga began

Steel bars glow at an ArcelorMittal steel mill in Zenica, Bosnia and Herzegovina. A deal for Essar Steel will give the world's biggest steelmaker valuable capacity in India.   © Reuters

MUMBAI -- An Indian tribunal on Friday cleared a proposal by global steel giant ArcelorMittal to take over bankrupt Essar Steel for $6 billion, following a long struggle in which the Indian steelmaker's controlling shareholders made a higher counteroffer.

The ruling by the National Company Law Tribunal comes nearly two years after India's fourth-largest steelmaker was referred for insolvency proceedings.

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