Embattled steel firm Arcelor ruled out running into the arms of a white knight to fend off a $24 billion (€20 billion) takeover attempt as its chief executive softened earlier criticism of steel magnate Lakshmi Mittal.
With France also anxious to avoid charges of protectionism by toning down the way it voices concerted European political opposition to the bid, Arcelor chief Guy Dolle sought to placate critics of his style while insisting Mr Mittal's bid was unwelcome.
Mr Dolle rubbed shoulders with the world's third-richest man at a steel industry meeting in Paris for the first time since Mr Mittal's unsolicited bid caused a political upset a week ago.
He brushed off questions about whether he had spoken to Mr Mittal, before the palatial hotel at which steel industry association IISI gathered was declared off-limits for reporters.
Speculation of an Arcelor climbdown flared after Mr Dolle ruled out a rescue bidder and hinted he was ready to talk to Mr Mittal. But he later put out a statement dismissing a retreat, adding he had only meant to say he was not attacking Mr Mittal personally.
"We are completely determined in our opposition to Mittal Steel's offer, which does not meet the interest of shareholders, its business partners or the rest of the group's stakeholders." - (Reuters)
