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ARCELORMITTAL, Lakshmi Mittal’s heavily-indebted steel group, yesterday unveiled a £2.2bn offer of shares and mandatorily convertible loan notes in the first major equity capital markets deal of the year.

The deal, which was arranged by Goldman Sachs, BofA Merrill Lynch, Credit Agricole and Deutsche Bank, will enable the steel giant to reduce its net debt from around $22bn (£13.7bn) as of the year end to $17bn by the end of June. || Read more

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Steel tycoon Mittal is represented by 3 Verulam buildings’ Paul Lownestein QC, who is being asked to defend allegations that he reneged on a multimillion-dollar agreement to pay fees to Varma for helping secure an oil deal with a former Nigerian president. || Read more