Luxembourg drops takeover law change

Luxembourg has dropped a proposed change in its takeover laws that would have helped Arcelor to fend off Mittal Steel’s takeover bid. A committee in Luxembourg’s parliament on 6 April 2006 scrapped the proposed controversial amendment to the country’s takeover laws, finance committee head Mr Laurent Mosar told Reuters. The amendment, proposed by the committee last month, would have prevented companies resubmitting acquisition bids for 12 months after the failure or withdrawal of a previous bid. That would have meant that Mittal Steel could not change the terms of an offer after an expiry period, as is the practice in other countries.

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