Word: arcelor
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...world's richest men, and by far its biggest steel baron, by shying away from controversy. Even so, the Indian-born businessman Lakshmi Mittal says he was taken aback by the fury that greeted his announcement in late January that he was bidding to buy European steelmaker Arcelor, formed in 2002 out of what was left of the French, Luxembourgian, Belgian and Spanish steel industries. "We really didn't expect such a violent reaction," Mittal told Time. "A lot of people were obviously not happy at all." [an error occurred while processing this directive...
...steel industry as a sign of economic strength, but even so, the reaction to a company thought of as Indian buying up metalworking assets was extraordinary. It went far beyond any limits of supposed industrial logic and, at times, involved attacks of a distinctly ugly nature. In Luxembourg, where Arcelor is based, Prime Minister Jean-Claude Juncker called for "a reaction that is at least as hostile" as the bid, and parliament considered a new merger law that would block the deal. In Paris, Finance Minister Thierry Breton lambasted Mittal's decision to make an unsolicited bid, accusing...
...really Indian. He's floating somewhere above India Inc.," says James Winterbotham, founder of London-based merger consultant India Advisory Partners. But in one sense, he is very Indian indeed, for a host of companies from the subcontinent are now getting into the global game. Even excluding the Mittal-Arcelor deal and the pending bid by Tata Group for Corus, data compiled by Winterbotham's firm shows that Indian companies spent about $6.5 billion on international acquisitions in 2006, almost triple the volume of the previous year. And this new prominence on the international stage is winning plaudits back home...
Mittal himself credits his son Aditya with the idea of buying Arcelor. They first discussed the possibility in 2005, while in the midst of acquiring a Ukrainian company, then drilled into the detail of a possible bid last December, during a family skiing holiday in St. Moritz. On Jan. 13, Mittal made an informal approach to Dollé over dinner at his London mansion and, when Dollé gave a noncommittal answer, he took his bid directly to shareholders...
INDIAN BUYER: MITTAL STEEL World's largest steelmaker is Europe based but Indian owned Company acquired: ARCELOR (LUXEMBOURG) Europe's top steel producer PRICE: $33.5 billion DATE: June...