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Most shareholders against takeover, says Arcelor

BRUSSELS : Arcelor Chief Executive Guy Dolle said on Thursday that the majority of the steel company's shareholders are not favourable to the unsolicited $22.2 billion takeover bid by its rival Mittal Steel.

Mr. Dolle said he was still waiting to see a definite offer from Mittal and refused to comment on attempts by the Luxembourg Chamber of Commerce to tighten takeover laws in the Grand Duchy to hinder the bid by the Netherlands-based Mittal.— AP

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