Arcelor Mittal's $5.4 billion plan to buy out the minority shareholders of its Brazilian unit was approved by Brazil's securities regulator.

Arcelor Mittal, the world's largest steelmaker, on April 6 increased its planned offer for every Arcelor Brasil SA share that it doesn't already own to 11.70 reais in cash and 0.3568 of its own A shares. At the time, the company said the offer was worth 51.27 reais a share on April 4, or 54 percent more than its initial bid.

Brazil's stock market regulator, Comissao de Valores Mobiliarios, announced its decision in a statement on its Web site. Arcelor Mittal must publish a formal offer to Arcelor Brasil shareholders by April 27, the regulator said in the statement.

(Published by Bloomberg, April 18)