Indian prime minister Manmohan Singh yesterday took up cudgels on behalf of Lakshmi Mittal, urging visiting French president Jacques Chirac to be "fair" to the steel magnate whose bid for Arcelor has provoked protectionist protest in Europe.
"The president explained his position in detail and it's my hope that a fair decision taking into account all stakeholders will be taken in this matter," Mr Singh said, referring to Mittal Steel's $23 billion (€19.26 billion) offer for the Luxembourg-based rival.
At a joint press conference, Mr Chirac said France had "absolutely nothing against a non-European company taking over a European company".
"All we know is that we face a situation where a hostile bid has been mounted that is purely financial in character, devoid of all industrial intent and without the customary prior consultation."
Mr Mittal, coincidentally in New Delhi for a wedding, hinted he would decline an invitation to an official reception for Mr Chirac and urged the government to keep up the pressure. "The more support, the better it is for the transaction," he said. - (Financial Times service/Reuters)
