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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...
...much of Europe, Mittal's move was viewed as a 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...
...there was an urgent need to meet." The men never did re-establish contact and on Jan. 26 - less than two weeks later - Mittal called Dollé on his mobile phone at Frankfurt airport while he was checking in for a flight to Toronto. The message: Rotterdam-based Mittal Steel would be announcing the following day a formal $22.6 billion takeover bid for Arcelor, one of the largest hostile bids in European history...
...Voters seldom reward good governance with renewed mandates. And Parliament and state assemblies are full of legislators with criminal records who neither believe in ideology nor bother about performance. So while I am thrilled that the world is flocking to India, and pleased that Mittal is straddling the global steel business, I sometimes wonder why it is that Indians are more successful outside of India than at home. My fear is that unless we confront this paradox, we will be no more than a bulk market for canny foreigners, a country whose biggest success stories will always lie across...
...could talk the language of international trade and finance as if they had degrees from the best graduate schools in the U.S. (which of course many have). The best Indians, by contrast - and this was before the news broke of Lakshmi Mittal's audacious bid for Europe's steel giant Arcelor - were business leaders from the private sector, already building brands (as very few Chinese firms yet have done) with a global reputation. This speaks to a significant difference in the Chinese and Indian economies. Mittal may have spurred protectionist talk from some European politicians, but at least...