Opposition to the disputed proposal to combine the world’s two largest steel manufacturers is softening said the CFO of Mittal Steel on 26 February 2006 in defending his firm’s hostile takeover bid for rival Arcelor. “There has been a reduction in terms of the negative reaction to this offer as governments have begun to realize the strategic rationale, the industrial rationale and begin to understand what Mittal Steel is about, what Mittal Steel wants to do with Arcelor,” he told reporters. “The reaction is turning more in our favour.” Mr Aditya Mittal said the company will start sharing specific post-merger plans this week with the countries involved. The proposed acquisition, he argued, will be good for both companies and their shareholders and will create more growth opportunities for the industry. In addition, the takeover of the world’s second-largest steelmaker by the world’s number one would accelerate growth, reaping even more profits for shareholders as the combined company would gain access to untapped markets in China, India and elsewhere, Mittal Steel’s CFO said.
