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Arcelor bid: Chirac denies racism against Mittal

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

india Updated: Feb 20, 2006 15:09 IST

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

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."

First Published: Feb 20, 2006 15:09 IST