Arcelor/Severstal Russian white knight

Arcelor should leave no stone unturned to find a better deal than Mittal Steel’s hostile bid - if there is one. But shareholders may be forgiven a touch of scepticism when they hear that the Luxembourg group is actively pursuing two alternatives that would involve it buying another company largely for shares. After all, under the transactions being examined, an enlarged Arcelor would end up with a large new shareholder - effectively making it takeover proof. In one case, the new reference share...