The Government of Luxembourg is to rush through a bill
on takeovers which could protect Arcelor, the steel company that is the
Grand Duchy’s largest employer, from the hostile €18.6bn (£12.7bn) bid
made at the end of January by Mittal Steel.
Last
week Luc Frieden, Luxembourg’s finance minister, said the bill adopted
an amended version of a European Union takeover directive that will
allow a besieged company’s board to take drastic action to repel a
hostile takeover without seeking prior consent from shareholder.
Wondrous. Our modern Europe, in which one of the four pillars is the free movement of capital. Don’t like the results? Change the rules. Still, at least they’ve changed the racist rhetoric about Mittal not being "European" enough.
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