Word: dolle
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...Dollé, 63, is chief executive of Luxembourg-based Arcelor, Europe's biggest steel company, measured by revenue, which was formed in 2002 out of what was left of the French, Belgian, Luxembourgian and Spanish steel industries. Mittal, 55, is the Indian-born chairman of the world's biggest producer of steel, Mittal Steel, which he built up over the past decade with a slew of acquisitions, in the process making a fortune for himself estimated at $25 billion. The two men have known each other for years and, as board members of the steelmakers' international trade group, meet regularly...
...rough attempt by "new" India to take on "old" Europe. France's Finance Minister Thierry Breton accused Mittal of having "a grammar problem" and the Prime Minister of Luxembourg, Jean-Claude Juncker, declared: "This hostile bid by Mittal Steel calls for a reaction that is at least as hostile." Dollé worked hard to encourage public opposition, dismissing Mittal as a low-grade operator specializing "in buying up obsolete installations at low cost." Mittal himself insists that the deal amounts to the merger of two European companies to create a stronger one. "The rationale for merging is very strong...
When one of the richest men in the world invites you to a private dinner at his gorgeous $128 million London home, who would be so churlish as to refuse, even if he is your biggest business competitor? Guy Dollé says he had no reason to suspect that the Jan. 13 invitation from Lakshmi N. Mittal would be the prelude to a hostile takeover bid that last week sent half of Europe into a frenzy. [an error occurred while processing this directive...
Exactly what happened next is a matter of dispute. Dollé says he gave a noncommittal reply, and the two moved on to dinner and other business, leaving discussion about a possible merger open. "I said neither yes nor no," he recalled last week. "I just said 75% to 80% of mergers fail because of cultural differences." For his part, Mittal says Dollé immediately ruled out a deal. "He gave several reasons why he wasn't interested," he told Time. "I told him I'd get in touch again, and called a few days later to say there...
...irony of this fight is that Mittal and Dollé both share a similar vision about the future of steel. Both are trying to build themselves up as Europe-based global titans, believing that a worldwide consolidation is necessary to bring stability and sustainability to a volatile industry. Mittal has long argued that the industry's future will brighten if several huge players emerge from the scrappy pack of smaller firms. "Steel will always remain a cyclical industry," he told Time. "But if we are strong in financial health and stick with our principles and vision, we will reduce...