Mittal Steel, which launched a takeover attempt for Arcelor on Thursday, said the new offer was worth 34.0 percent more per share than the terms of its initial offer as reflected in the share prices of the two companies on Thursday.

However, the new terms appeared to raise the total valuation of Arcelor by 38.7 percent from the value of the offer first indicated when Mittal Steel revealed its plan in January.

And the new terms replace a mainly share offer with three options, one of which is an all cash offer of 37.74 euros per Arcelor share. Arcelor stock had closed on Thursday at about 32.0 euros.

Trading in shares in Arcelor had been suspended on Friday, pending the announcement. When trading was resumed at mid-day, Arcelor shares gained 12.97 percent to 36.14 euros on the Paris stock exchange.

In Amsterdam, shares in Mittal Steel fell 1.98 percent to 26.79 euros.

Mittal Steel also said that the interest held by the Mittal family in the new entity would be about 45.0 percent, or less than a straight majority, should the bid succeed.