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Arcelor plan given to Lux'bourg Govt

The Luxembourg Govt, which owns 5.6% of Arcelor, is the most vocal opponent of Mittal's takeover bid.

india Updated: Mar 16, 2006 18:17 IST

Mittal Steel has presented a detailed industrial plan for the takeover of rival Arcelor to Luxembourg's government, another step in the 19 billion euro ($22.8 billion) bid.

Luxembourg will "study and evaluate the plan on a technical level, taking into account economical, financial and social aspects," the Luxembourg government said in a statement after it received the plan.

The government of Luxembourg, which owns 5.6 per cent of Arcelor, is the most vocal opponent of Mittal Steel's unsolicited takeover bid. France and Spain -- where Arcelor is also present -- have also voiced concerns.

Mittal Chief Executive Lakshmi Mittal has been touring the continent to persuade politicians and the European Commission, the EU executive, not to oppose the bid.

Last week the Belgian government also received a detailed plan from Mittal Steel and said it would give an official response on the proposal by early April. Belgium's southern Walloon region owns 2.3 per cent of Arcelor.

First Published: Mar 16, 2006 11:14 IST