New Delhi: Luxembourg says they will not discriminate against Lakshmi Niwas Mittal's bid to take over Arcelor just because he is Indian.
That's what the visiting Luxembourg Trade Minister J Kreeke told Union Minister for Commerce and Industry, Kamal Nath on Wednesday.
He also made it clear that Luxembourg like all of Europe is worried about rising unemployment.
"The minister made it clear it will be decided on the merit of the bid and not on the issue of nationality. There reaction as shareholders will not be looked at one the nationality of the person," says Kamal Nath.
The investment banker JP Morgan is studying Mittal's bid and Luxembourg will decide whether to support it based on its report.
But Luxembourg is also proposing a legislation to regulate takeovers something the visiting minister says is because of its EU commitments that predate Mittal's bid.
"We have clarify the situation. This directive saying that we have to change or bring new law on takeover bids was launched in 2004. We had to do it because of the EU law. But we are concern about unemployment," said Kreacke.
You could be mistaken for thinking that this is a voice from India's Left but as the protests in Paris have shown even the European union is worried about job loss.
Mittal may or may not get to control Arcelor but if there's one thing that the Mittal, Arcelor issue has highlighted its that India's voice is being heard loud and clear in global business.
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