International Herald Tribune- Courts in the Netherlands and France refused Monday to grant injunctions blocking the €30 billion (US$41 billion) merger between steel giants Mittal Steel Co. NV andArcelor SA.
Legal actions launched in Rotterdam by three hedge funds and in Paris by an activist shareholder were both rejected by judges, clearing hurdles to the creation of the world’s largest steel maker, as measured by sales.
The steel companies already call themselves ArcelorMittal, but three funds  SRM Global Master Fund Ltd., Trafalgar Catalyst Fund and Trafalgar Entropy Fund  went to court last week seeking to block the first phase of the two-step merger, when Rotterdam-based Mittal is to combine with ArcelorMittal SA, a Luxembourg holding company.
In the second phase, ArcelorMittal would merge with Luxembourg-based Arcelor, likely before year’s end, creating the world’s largest steel maker by sales.
Rotterdam Court judge A.A. Rijperman agreed with Mittal lawyers that she did not have jurisdiction in the case because ArcelorMittal and Arcelor are based in Luxembourg.
