The three-way merger between Arbed, Aceralia Siderurgica and Usinor will sidestep continental European takeover rules restricting interconditional bids.
It emerged on Friday that Arbed, the Belgian steel company, Aceralia Siderurgica, the Spanish steel maker, and Usinor, the French steel producer, plan to merge. However, a full announcement of the terms will not be made public until Monday.
