'EU parliament should debate Mittal bid'

Parliament president J Borrel urges European parliament to debate Mittal's takeover bid.

Prominent industrialist Lakshmi Mittal's controversial bid for takeover of Arcelor should be debated in the European Parliament, according to parliament president Josep Borrel.

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In what is described as Mittal's 'charm offensive', he met Borrel here Tuesday evening, a day after the steel magnate met Belgian Prime Minister Guy Verhofstadt, who refrained from taking a stand and sought Mittal's industrial plans for the proposed merged company.

Mittal has been meeting several top European leaders ever since he launched his takeover bid in January. Last week he met European Union (EU) antitrust chief Neelie Kroes.

Arcelor's other stake holding countries, Luxembourg, France and Spain have opposed Mittal's bid. Arcelor is consulting with bankers to prepare a counter plan to fend off the bid, according to INEP agency.

Borrel, who has been following the takeover bid, said the European Parliament should act as a forum for debate on major issues affecting the people and the economy of the EU even though it did not have any authority to approve the bid.

"I understand the social concerns of employees of Arcelor, a major European industrial group, which has a work force of 80,000 in the EU," he said.

Borrel, who said Mittal outlined his industrial plans and its social and economic consequences, is likely to meet representatives of Arcelor and various trade union organisations involved.

He is due to meet representatives of the European Federation of Metallurgists this week.

"With the agreement of all interested parties, I plan to promote this debate within our institution over the coming weeks," Borrell added.