Fame and fortune

21 March 2006 By Edward Hadas Follow @edwardhadas

Throwing obstacles in the way of Mittal’s takeover of Arcelor would amount to cutting off its nose to spite its face. The tiny country thrives because it is viewed as an open financial centre. Meddling in the free market would put that reputation at risk.

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The Finance Committee of the Luxembourg assembly is considering amendments to the EU takeover directive that would raise obstacles for Mittal Steel's offer for Arcelor, the Luxembourgheadquartered steelmaker. Last Friday it rejected most of the amendments to the takeover code proposed by the Grand Duchy's Chamber of Commerce. The Committee may impose less onerous conditions, according to Laurent Mosar, its chairman. A final vote is expected on Wednesday.

The Luxembourg securities market regulator must approve the offering prospectus for the Mittal offer. It is currently studying a draft document submitted on February 6.

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