Allowing the free market to play out is the right thing to do.
I imagine that Lackshmi Mittal's contribution to the British Labour Party had nothing to do with this intervention.
At least there is one government in europe who has a clear head on this, that of the region of Wallonia in Belgium. They own 2.5% in Arcelor and have said that their concern is only that if Mittal is successfull in its takeover, that they comply with the commitments which Arcelor have entered into. That sounds to me eminently reasonable.
Onésimo Alvarez-Moro
See article:
Alan Johnson, UK trade and industry secretary, last night rounded on French protection for domestic companies from foreign takeovers as the row over Mittal Steel's bid for Arcelor continued and shareholders emerged to criticise the backlash against Mittal's bid.
Mr Johnson warned against trying "to repel the surge of globalisation by creating a Fortress UK or a Fortress Europe".
"There are advocates of protectionism amongst some of our closest European neighbours. Measures to protect key industries from foreign takeovers where there are no state security issues are futile and self-defeating. The paradox of protectionism is that it destroys what it seeks to protect."
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