Luxembourg’s parliaments finance committee backed a change in the country’s takeover rules that could threaten Mittal Steel’s hostile bid for Arcelor adding a twist in the merger battle. The finance committee backed a change which would prevent a bidder from re-submitting a takeover offer for a listed company in Luxembourg for a period of 12 months. The amendments will now be sent to Luxembourg’s highest administrative court and then to the floor of parliament. The head of the finance committee Mr Laurent Mosar told reporters that he expected the changes would clear parliament in the first week of April and the law could come into force in May when any takeover bids running at the time would have to comply with it.
