NDTV.com – The Arcelor management knows time is running as Arcelor CEO Guy Dolle faces his shareholders on Tuesday.
The shareholders make up for 86 per cent of Arcelor’s stake and will be a crucial link to decide whether Mittal Steel’s LN Mittal will be able to buy out Arcelor.
But investors have already sensed a chance to make money. In the past seven sessions, 25 per cent shares of the French steel giant have changed hands.
Hedge funds are keen to cash in on the ongoing battle and will side with whoever offers them the best price. Of the 25 per cent shares, which have changed hands, Atticus has picked up 1.3 per cent.
Others include British hedge funds like Marshall Wace & GLG Partners and American hedge funds such as Och-Ziff, Duquesne & Perry Capital.
Some of these hedge funds consider Mittal’s bid a profitable one like Atticus Chairman Timothy Barakett, who wrote to Arcelor.
