On 19 May 2006 Mittal increased its offer for Arcelor by 38.7% to $32.4bn, or $47.34 per share (€25.8bn, €37.74 per share). On 25 June 2006 Arcelor, in a board meeting announced that it has accepted a further sweetened offer ($50.68 or €40.4 per share) and the new company would now be called ArcelorMittal, thus successfully ending one of the most controversial and publicised takeover bids in modern corporate history. ArcelorMittal is now by far the largest steelmaker in the world by turnover as well as volume, controlling 10% of the total world steel output.