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India's Essar Steel Loses Out
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| India’s Essar Steel lost out in the high profile bidding for U.S. steelmaker Esmark to Russian rival OAO Severstal.
Essar and Esmark had signed an agreement, but it was opposed by the latter’s unions, who preferred a deal with Severstal. Severstal, which had originally bid $17 a share for Esmark, increased its bid to $19.25 a share, compared to Essar’s $19 a share offer. |