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Research Update: ThyssenKrupp Ratings Still On Watch Neg After Defensive Moves By Arcelor Toward Mittal Bid Apr 06 Product Image

Research Update: ThyssenKrupp Ratings Still On Watch Neg After Defensive Moves By Arcelor Toward Mittal Bid Apr 06

  • ID: 1710722
  • April 2006
  • Standard & Poors

FEATURED COMPANIES

  • Arcelor S.A.
  • ArcelorMittal
  • ThyssenKrupp AG
  • MORE

Abstract
On April 4, 2006, Standard & Poor's said that its 'BBB-/A-3' corporate credit ratings on Germany-based industrial conglomerate ThyssenKrupp AG (TK) remain on CreditWatch with negative implications. This follows the announcement by Luxembourg-based steelmaker Arcelor S.A. (BBB/Watch Dev/A-2) of plans to place its recently acquired Canadian-based steelmaker Dofasco Inc. (BBB/Watch Dev/--) into an independent foundation structure, as one of a series of defensive measures against a takeover bid by Netherlands-based steelmaker Mittal Steel Co. N.V. (BBB+/Watch Neg/--) for Arcelor. The creation of this structure with independent directors could make it more difficult for Mittal to dispose of Dofasco to TK if the bid for Arcelor succeeds. The CreditWatch placement on TK, however, continues to reflect its agreement to buy Dofasco...

Companies mentioned in this report are:
- ThyssenKrupp AG
- ArcelorMittal
- ArcelorMittal Dofasco Inc.
- Arcelor S.A.

Action: CreditWatch Update

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns READ MORE >

- ThyssenKrupp AG
- ArcelorMittal
- ArcelorMittal Dofasco Inc.
- Arcelor S.A.

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