Delhi: Mittal Steel chairman and CEO L N Mittal has
said that opposition to his bid for Arcelor, if not checked
immediately, could become a precedent and affect the Indian
business community''s ability to make similar deals overseas
in the future.
therefor expected prime minister Manmohan Singh to take
up the Arcelor issue of the proposed buyout with president
Jacques Chirac of France during their meeting since it
involved the future of Indian businesses globally
The shareholders of Mittal Steel and Arcelor SA would
benefit by Rs36,000 crore in terms of increase in share
prices of the two companies. His bid for Arcelor, he reiterated,
was in the interest of the steel industry world-wide as
the merged entity would make a profitable global steel
company and thjerfore expected backing from the European
said he had discussed the deal with Arcelor top boss who
had shown interest in the beginning but later backed out.
expressed his gratitude to Indian ministers and industrialists
who had supported him
against the racial attacks on him in his take-over bid
for Arcelor. He, said that the toning down of opposition
to his bid in Luxembourg and Belgium was a positive sign.