Mittal interested in Rio Tinto

Steel magnate Lakshmi Mittal, the major shareholder in steelmaker ArcelorMittal, is considering entering the takeover battle for Anglo-Australian mining giant Rio Tinto, according to the Financial Times. ┬á┬á Citing unnamed individuals familiar with the matter, the FT said that Mittal was interested in securing larger supplies of iron ore.┬á┬á "Mr Mittal has considered some involvement in the takeover, such as the idea of taking a stake in Rio through buying from existing shareholders," an unnamed banker was quoted as saying.┬á┬á "On the other hand, he could wait until later when, quite possibly, some of the iron ore assets (of Rio Tinto) go on sale as a result of demands by antitrust regulators."┬á┬á Earlier this year, BHP Billiton increased its takeover proposal for Rio Tinto to $147.4 billion. Commodity prices are currently enjoying record highs because of surging demand for raw materials. ┬á┬á No immediate comment was available from ArcelorMittal on the report.  ┬á┬á┬á*┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *