Luxembourg scraps takeover law amendment

Reuters has reported that Luxembourg’s parliamentary finance committee agreed on 27 April 2006 to scrap a controversial amendment to Luxembourg’s takeover law that could have hindered Mittal Steel’s acquisition of Arcelor. Mr Laurent Mosar, head of the chamber’s finance committee, told Reuters that his colleagues on the committee had decided to follow the recommendation of Luxembourg’s state council and scrap a key amendment. The finance committee did, however, adopt an amendment to give Luxembourg’s bourse regulator CSSF the power to determine whether a company can offer its shares to finance a deal if its own free float is below 25%.

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