Arcelor, Mittal to meet
Arcelor SA said yesterday that it would meet rival Mittal Steel Co "in the coming days" to discuss the details of Mittal's 25.8 billion euro (US$33 billion) bid. The Luxembourg-based firm said it could now meet Mittal because it had received a standalone business plan from the company last Friday. "Arcelor has identified a number of questions related to the business plan and has requested a meeting for the purpose of seeking answers to these questions," it said in a statement. "The receipt of this business plan had been an outstanding request in order for Arcelor to evaluate the unsolicited offer made by Mittal Steel." Mittal chief executive Lakshmi Mittal had sought a meeting earlier, explaining that the company could not hand over further details until it had won antitrust clearance for EU regulators. EU approval came through on Friday and that evening Mittal handed the plan to Arcelor.
Changing roles at IMF
Asian nations that are under-represented at the IMF should gain a greater say in decision-making depending on their economic clout, IMF deputy chief Anne Krueger said. Countries such as China and South Korea should also see an automatic increase in their voting shares at the IMF if their economies continue to strengthen, the Financial Times quoted her as saying in a report out of Tokyo. In April the IMF took a first step toward heeding a call by emerging powers for a stronger voice in its decision-making and said it would come up with concrete proposals on voting reform by a September gathering in Singapore. "We hope to have a proposal to do some things immediately, and perhaps a road map of how to go further, by the time of the Singaporean meetings," Krueger was quoted as saying by the London-based business daily.
Yahoo buys Gmarket stake
Yahoo Inc agreed to buy a 10 percent stake in South Korean online auctioneer Gmarket Inc as it seeks to expand its e-commerce operations in Asia. Terms weren't disclosed. Oak Investment Partners LP, the only "significant" outside institutional investor in Gmarket, is selling the stake, Gmarket and Yahoo said yesterday in a statement. Closely held Gmarket plans to sell shares in the US, Yahoo spokeswoman Helena Maus said. Gmarket and Yahoo will work together in Korea and abroad, Gmarket chief executive officer Young Bae-ku said in the statement. Gmarket is the top Web auctioneer in South Korea, while Yahoo holds that spot in Japan and Taiwan, Maus said.
Nintendo plans release date
Nintendo Co will announce the release date and price for its new family video-game console Wii by September, company president Satoru Iwata said yesterday. Iwata said the company plans to supply more than 2.2 million hand-held DS Lite machines per month worldwide by this summer. Late last month, Nintendo announced that Wii won't sell for more than ¥25,000 (US$220) in Japan or US$250 in the US. That's a lot cheaper than the price announced for Sony's PlayStation 3, which is set to go on sale in November for US$499 and US$599 in the US and ¥59,800 and a more expensive but undisclosed price for the higher-end version in Japan. Microsoft Corp's Xbox 360, which went on sale late last year, sells for US$299.99 and US$399.99 in the US and ¥37,900 in Japan.