Belgium to respond to Mittal bid by April

9th March 2006, Comments 0 comments

9 March 2006, BRUSSELS — Belgium has said it will officially respond to Mittal Steel's EUR 19.5 billion takeover bid for Arcelor by early April.

9 March 2006

BRUSSELS — Belgium has said it will officially respond to Mittal Steel's EUR 19.5 billion takeover bid for Arcelor by early April.

The announcement was made after the federal government received Mittal's full industrial plan for the merger on Tuesday.

"We will analyse the plan with our investment bankers and have further meetings with the advisors and we hope to have a decision by the end of March and give a reaction at the beginning of April," Prime Minister Guy Verhofstadt said.

The Liberal VLD leader was speaking after meeting Mittal and Belgian political leaders, including Wallonian Premier Elio Di Rupo. The Wallonia government owns 2.3 percent of Arcelor.

Tuesday's presentation was the first time that Mittal disclosed its plan in detail to any of the European governments involved in the deal, Reuters reported.

Mittal boss Lakshmi Mittal is trying to convince politicians and the European Commission not to oppose the bid, which has fuelled concerns about job losses.

[Copyright Expatica News 2006]

Subject: Belgian news

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