Mittal Group today confirmed that Citigroup, Goldman Sachs and Société Générale, three of six mergers and acquisitions advisers for its €18.6bn ($22bn) hostile offer for rival Arcelor, will provide €5bn in financing for the bid.

Mittal said the three banks "among others" will finance the cash portion of its cash and shares offer for Arcelor. Mittal said the same three banks have also agreed to lend a further €3bn to re-finance existing loans.