Mittal Steel yesterday said it has won control of 92 per cent of Arcelor shares as it closes in on the controversial £18 billion takeover of its rival.
Mittal needed 50 per cent of Arcelor shareholders to back the deal to create a global powerhouse more than three times the size of the next biggest steelmaker.
Chairman and chief executive Lakshmi Mittal - the UK's richest man - said the high take-up by Arcelor shareholders was a "resounding endorsement" of the deal.
It came after months of bitter wrangling between the two firms which finally ended in June when the Arcelor board accepted a third and improved offer from Mittal.
The combined company, which will be called Arcelor Mittal and will be based at the Arcelor head-quarters in Luxembourg, will be capable of producing 120 million tonnes of steel a year - around ten per cent of global production.
It will have 320,000 employees, annual sales of $70 billion (£38 billion) and earnings of $13.3 billion (£7.3 billion).
Mr Mittal said: "I am delighted at this result which is a resounding endorsement of the strategic logic and value of the merger of Mittal Steel and Arcelor."