Surprise, surprise, after all the machinations with politicians, Arcelor management are being brought back to reality by their bosses, the shareholders, who are the ones that should be deciding this issue.
Onésimo Alvarez-Moro
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Steel giant Arcelor (5786.FR) faces a revolt at its annual general meeting Friday as institutional shareholders on both sides of the Atlantic ready their arguments opposing Arcelor's defenses against the hostile bid by Mittal Steel Co. (MT).
Mittal's bid for Arcelor, worth EUR20.3 billion ($25.3 billion) at Wednesday's close, won't be up for a vote at the meeting. But institutional shareholders are prepared to vote against the re-election of Arcelor's chairman, vice-chairman and other board members to voice their protest.
"These board members are not acting as stewards of the shareholders. These are not good people," said a manager at a New York City hedge fund who requested anonymity, but said his fund holds "a fair chunk" of Arcelor. "We will make a point of that through our vote."
Mittal, the world's largest steelmaker by output, proposed a bid for its nearest rival at the end of January, but is still waiting for clearance from market regulators to proceed.
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