The Luxembourg government has suddenly realized that there may be a cost for their nationalistic response to the Arcelor bid by Mittal (“Luxembourg defends its liberal reputation” Financial Times, April 25, 2006). They hold just over 6% of the shares so have a say, voting their shares.
They have already done too much to build barriers to this bid and they should remember that Luxembourg should not roar against what keeps it alive, foreign capital.
Onésimo Alvarez-Moro
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When Mittal Steel in January launched its €20.2bn ($25bn) hostile offer for rival Arcelor, the loudest response came from usually quiet Luxembourg.
Arcelor, based in the country, denounced the bid as "150 per cent" hostile. Jean-Claude Juncker, prime minister, delivered a tub-thumping rebuff, saying: "We do not want it because we do not understand it."
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