Luxembourg's Chamber of Commerce has joined Europe's lurch towards protectionism, tabling last-minute changes to the country's takeover law in an alleged move to sabotage Mittal Steel's €19.6bn bid for Arcelor.
The proposals would require the option of full cash payment for hostile takeovers unless a quarter of the bidder's shares are liquid, with equal voting rights.
As a family owned-business with a free-float of just 12pc, and 98pc of the votes, Mittal Steel would be disqualified instantly.
No comments:
Post a Comment