Arcelor, the French steel company subject to a €20bn ($25bn) bid from rival Mittal, has borrowed €4bn from ABN Amro, Credit Mutuel-CIC, Dresdner Bank, Fortis and Natexis Banques Populaires.

Arcelor shareholders are set to meet tomorrow to vote on a dividend payout raised from €1.2 to €1.85 a share. Arcelor has also pledged to return €5bn to shareholders should Mittal's bid fail.