simple really, why the share price isnt above the bid.
there are plenty to be done before a formal offer comes.
the problem with other giants bidding for mcc is, arcelor mittal holds more than 10% of shares which makes compulsory take over out of the question as I doubt they are willing to sell when they bough the stake at around $20. Its also for their business essentially.
dow jones..higher bid possible, page-5
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