(Updates with Mittal spokesman denying offer will be revised)
PARIS (AFX) - Mittal Steel Co NV, aware that Arcelor may reject its improved bid for the company, has made it known to Arcelor that its offer could be raised again, a source close to the matter said.
However, a spokesman for Mittal, whose offer runs to July 5, said: 'We have no intention of revising our offer'.
Arcelor's board was meeting today to discuss the improved bid, but is not expected to announce its position on the matter before tomorrow, sources said.
The board was expected to reject the offer.
Mittal sweetened its bid in mid-May, just after formally launching it. Arcelor then announced plans to merge with Russian steelmaker Severstal, a move that could thwart Mittal's attempt to gain control of Arcelor. paris@afxnews.com mjs/cml/cml COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited