Arcelor bid: Chirac denies racism against Mittal

He said that France has absolutely nothing against a non-European taking over a European company.

French President Jacques Chirac on Monday denied racism in the European reaction to Mittal Steel Co's hostile takeover bid for rival Arcelor SA.

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The sharp European reaction to Mittal's unsolicited bid for Arcelor -- some officials said the companies were ill-matched because of different corporate cultures and values -- sparked charges of racism in India.

Mittal, the world's largest steelmaker, is run by Indian-born Lakshmi N Mittal.

Asked on Monday about the allegations of racism, Chirac said, "In principle, we have absolutely nothing against a non-European taking over a European company."