EICC concerned over reactions to Mittal's bid | india | Hindustan Times
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EICC concerned over reactions to Mittal's bid

Those opposed to the acquisition were talking of possible job losses without giving Mittal an opportunity to announce his plans.

india Updated: Feb 04, 2006 15:07 IST

The Europe India Chamber of Commerce (EICC) has voiced concerns about the "politicisation" of prominent industrialist Lakshmi Mittal's bid to acquire steel major Arcelor.

"Allowing politics to interfere into the free market economy is a dangerous trend that will only harm the economy of Europe," warned Sunil Prasad, secretary general of the Brussels-based EICC.

"The hostile reaction of French and other EU politicians against Mittal's bid also shows the economic immaturity of Europeans in the age of merger and acquisition as a part of globalisation process," Prasad told INEP agency.

"This further exposes the double standards being practised by the European Union and its policy makers," said Prasad, who is also the president of the Global Organisation of People of Indian Origin (GOPIO) in Belgium.

Those opposed to the acquisition were talking of possible job losses without giving Mittal an opportunity to announce his plans and policies to strengthen Arcelor in the global steel map, he noted.

Mittal has created thousands of jobs in Europe by buying sick and closed industries that had lost all hope of rehabilitation.

"It is very surprising to learn the reaction from politicians from France in particular. When French industrial giant Lafarge took over several cement and other allied industries in India, New Delhi welcomed it as a part of free economy and globalisation," Prasad said.

The fact that Arcelor share jumped to 30 per cent is also an indication of positive impact of the acquisition move, he added.