Mittal Steel CEO Mr Lakshmi Mittal said on 15 March 2006 that he has support from a majority of investors in Arcelor for his company’s planned USD 23.14 billion share and cash bid for the steel maker. “We have the positive support of 50% to 60% of Arcelor shareholders,” Mr Mittal said, countering a statement by Arcelor CEO Mr Guy Dolle on 6 March that a huge majority of Arcelor investors opposed the hostile offer. âWe have met almost two-thirds of the shareholders and we have had a very good response. It’s clear that the shareholders want this deal,â? Mr Mittal said. In reaction to a proposal by the Luxembourg Chamber of Commerce to make it compulsory for a bidding company to make a cash-only offer if its share float is below 25%, Mr Mittal said, “I hope that the government of Luxembourg will not take these measures.”
