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World Business Quick Take

■ STEEL

ArcelorMittal signs deal

ArcelorMittal, the world's largest steel producer, said yesterday it had signed a deal to take over China Oriental as it tries to gain further inroads into the world's biggest steel market. ArcelorMittal will raise its stake to 73.13 percent from 28.02 percent of shares in the Hong Kong-listed steel maker, the two companies said in a joint statement, a move which will cost around US$1 billion. It will also make an offer to buy out minority shareholders. The deal still needs the approval of the Chinese authorities, who are yet to permit a foreign owner to take control of a large domestic producer.



■ BIOTECHNOLOGY

Biogen stays independent

Biogen Idec Inc said on Wednesday it would remain an independent company after a search for a possible buyer failed to yield any definitive offers. The company's shares plunged nearly 28 percent. The strategic review began on Oct. 12 after Carl Icahn bought up shares of the biotechnology firm. That led to speculation that the activist billionaire investor could be preparing a buyout bid or that he might seek to increase the value of his shares by encouraging a bid by a major pharmaceutical company. But Biogen Idec said its board had decided the firm "will continue on its present course as an independent company."



■ PHARMACEUTICALS

Merck recalls vaccines

US giant Merck said on Wednesday it was recalling 13 lots of vaccines against childhood meningitis because it cannot assure they were properly sterilized. "The potential for contamination of any individual vaccine is low, and, if present, the level of contamination would be low. However, because the company cannot assure the sterility of these specific lots of vaccine, it is conducting this recall," Merck said in a statement. Merck said 11 lots contain a vaccine called PEDVAXHIB and two lots contained a vaccine called COMVAX.



■ SOFTWARE

Microsoft buys Multimap

US software giant Microsoft announced on Wednesday that it had bought British online mapping specialty firm Multimap. The purchase comes as Microsoft strives to break the stride of rival Google, which recently upgraded its mapping service to automatically locate people using mobile devices to get online. Microsoft billed Multimap as one of the world's leading online mapping services and said its technology will complement the US firm's Virtual Earth, Live Search, Windows Live and MSN features. Multimap is to operate as a subsidiary of Microsoft.



■ TOURISM

Thailand sees record year

Thailand is set for another record year in tourism, with 14.8 million foreign visitors bringing 547.5 billion baht (US$1.6 billion) into the country, an official said yesterday. In the first nine months of the year, arrivals were up three percent over last year, according to Pornsiri Manoharn, head of the Tourism Authority of Thailand. Arrivals in October jumped by 15 percent, she said, because of a drop-off in tourism last year in the wake of the military coup. Japanese were the biggest group of arrivals, with 1 million visitors, followed by South Korea at 760,000 and China at 705,000. Next year is expected to be another record year, with 15.7 million tourists earning the country about 600 billion baht.
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