Mixed signals on takeover law changes

The Luxembourg government said that it is satisfied with proposed changes to the country’s takeover laws that could affect Mittal Steel’s bid to take over Arcelor. On another hand Luxembourg’s prime minister is reported to have said that he was not satisfied with draft changes introduced by the parliament to the country’s takeover law. Mr Jean-Claude Juncker said the government would not take any legal steps or actions and that it was up to shareholders to decide whether to accept Mittal Steel’s bid. “The government considers that this way of legal prohibiting is not the Luxembourg way and is not according to our tradition,” Mr Juncker is quoted to have said.

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