Merrill Lynch has helped Usinor of France to hold on to a greater share of Europe's largest steel merger than partners Arbed and Aceralia Corporacion Siderurgica had agreed to.

Usinor will own 53.8% of the new merged group, down from the 56.5% awarded to it under the original merger agreement signed in June, but up from the 52% desired by Arbed and Aceralia.