Word: bidding
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...widely distributed. Though the Industrial Revolution's crucible 200 years ago was the Atlantic world, there has always been economic activity and wealth elsewhere. Now, investors and entrepreneurs from anywhere can hazard their skills and fortunes wheresoever they choose. Colette Neuville, a French shareholder activist, says of Mittal's bid: "It was a shock to discover that there are companies in places we used to refer to as the Third World that have become equal partners, or more than equal partners. Nobody had quite imagined that...
...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 him of having "a grammar problem," while President Jacques Chirac searched for ways to stop the takeover. One former French Prime Minister...
...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. "Lakshmi Mittal has done...
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...
Certain Japanese players who want to play in the United States must go through a process dubbed “posting” before signing with a Major League team. Teams submit blind bids to the player’s Japanese club, and, if it is accepted, the highest bid awards a team the rights to sign him. This ante can only be refunded should the American team and the Japanese player fail to agree on a contract. Unsure of what they are getting, teams usually keep their bids conservative—until Boston’s binge...