The issue between Indian steel major Essar group and US-steel based company Esmark has been making news from quite sometime now. Recently it was reported that Essar has finally withdrawn its bid to acquire Esmark, which the Indian company had earlier floated. Essar conglomerate had foated a bid of $1.2 billion for the acquisition of the US steel company.

Earlier, Esmark had been the target of a bidding war between Essar and Russia's OAO Severstal.

Essar initially bid $17 a share and said it will raise its offer to $19 a share, after a competing $17 a share bid was placed by Severstal.

Essar group, controlled by the Ruias, withdrew its bid for acquisition of Esmark as the Russian steel giant Severstal announced a higher bid.

The Russian bid is also supported by the Union. An Essar spokesman said recently they might have withdrawn the bid, but will keep on looking for opportunities for Global Expansion.