Word: steels
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Alongside agriculture, steel is arguably the most political of industries in Europe, and it has long been one of its most regulated. Back in the 1950s, the European Union itself was founded on the basis of an official scheme to manage steel and coal output and prices, and when the industry ran into trouble in the 1980s, governments across Europe poured in billions of dollars of state aid in an attempt to keep it alive. But times have changed. State aid is now banned, barring exceptional circumstances. And with the emergence of China, India, Brazil and Russia as fast-growing...
...bubbled over with rumors that Arcelor was looking for a rescuer, possibly a Japanese firm who would put in a higher offer, although no such "white knight" had emerged by the end of the week. Mittal also needs to convince investors that his bid, which consists mainly of Mittal Steel stock with some cash, is good for them. Mittal Steel has what many see as a financial weak point: its corporate governance structure, which locks in Mittal family control. Lakshmi's son Aditya, 29, is president and ceo of the company, and his daughter Vanisha, 24, is also...
...quickly moved on - and up. They belong to the Marwari caste, well-known in India for being traders and moneylenders who figure prominently in the leading business houses of India. The family left for Calcutta, a center of Marwari activity, where father Mohan Mittal became a partner in a steel company. Lakshmi graduated with a business degree from the élite St. Xavier's College in 1969 and joined his father's firm before branching out on his own. "He was very strong in numbers," recalls Sisir Bajoria, a fellow Xavier's student. Mittal split from his father...
...ailing French rival Alstom. But the government's control over privately held companies is much more limited. On New Year's Eve, Paris published a list of 11 strategic industries that it wants to protect from takeovers; they include some biotechnology research and casinos but not, surprisingly, steel...
Antitrust clearance may take several months, but early indications are that it may not pose a huge problem. The combined company would be three times the size of its nearest competitors, with a 10% share of the world steel market, but Mittal and Arcelor don't have many territorial or product overlaps that could cause problems with regulators. Hermann Reith, analyst with BHF-Bank in Frankfurt, says he reckons the chances of the deal going through are now more than 50%. "We will look at this issue, as always, very carefully on competition grounds only. The regulation gives...