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Hyderabad March 6 After merging with Arcelor to form the world's largest steel company, the Mittals have reportedly engaged in talks with Saarstahl, a leading manufacturer of long products based out of Germany, for cooperation or a possible takeover.

According to Mr Joachim Kiefaber, Head of Department for International Economic Relations (Ministry of Economics and Labour of the German province called Saarland), the Mittals are in talks with Saar steel.

Mr Kiefaber is leading a business delegation comprising start-up pharmaceutical companies from the province. The delegation has met with leading pharmaceutical companies and research organisations, exploring opportunities in joint ventures and mutual cooperation.

Mr Kiefaber said his country was not worried over a possible takeover of Saar steel by the Mittals. "Mittals are a reputed company. We are confident that there won't be any moves for hostile bids. We are in fact pleased," he said.

More Stories on : Mergers & Acquisitions | Steel

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