Mittal says Luxembourg won't block Arcelor bid | india | Hindustan Times
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Mittal says Luxembourg won't block Arcelor bid

"I am confident we will have the support of Prime Minister Juncker," Mittal said.

india Updated: Apr 20, 2006 19:42 IST
Reuters
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The chief executive of Mittal Steel said on Friday he did not expect Luxembourg's government would try to block his company's 19 billion euro ($23.1 billion) bid for steelmaker Arcelor.

"I have confidence that the government of Luxembourg will not make any decision that frustrates this transaction," Lakshmi Mittal told reporters on the sidelines of a business conference in Brussels.

"I am confident we will have the support of Prime Minister (Jean-Claude) Juncker," Mittal said.

Juncker has been one of the biggest critics of the planned takeover. Luxembourg owns 5.6 per cent of Arcelor.

The government is drafting a bill that will transpose the European Union's takeover directive into national legislation.

Luxembourg's Chamber of Commerce, a business lobby group led by an Arcelor executive, said on Tuesday it wants to add an amendment to the law that could force Mittal Steel to pay for Arcelor in cash only.

The takeover law has to be voted on by Luxembourg's parliament and a financial committee of lawmakers was due to discuss it on Friday.

Mittal reiterated it was up to Arcelor shareholders to decide whether to accept or reject the bid.