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L'bourg to drop takeover law

L'bourg's top administrative review body, the state council, has voiced its opposition to the key amendment.

india Updated: Apr 20, 2006 18:59 IST

Luxembourg's parliament will scrap plans to alter a takeover law in a way that could have hindered Mittal Steel's planned acquisition of Arcelor, a senior lawmaker said on Wednesday.

Luxembourg lawmakers had proposed an amendment that would have prevented companies resubmitting acquisition bids for 12 months after the failure or withdrawal of a previous bid.

Luxembourg's top administrative review body, the state council, voiced its opposition on Tuesday to the key amendment.

"I'm going to suggest that the committee accept the three formal oppositions by the state council and for the rest to remain with the actual text," Laurent Mosar, head of the Luxembourg parliament's finance committee said.