Arcelor S.A. was a Luxembourg-based steel producer, the world's largest in terms of turnover and the second largest in terms of steel output, from its creation through the merger of three smaller companies in 2001, until its dissolution by merger into yet another company on 25 June 2006.
Quotes about Arcelor bids
From: "What they said about the Arcelor bid"; Business Times, Malaysia
January 30, 2006: Bitter words
- “The grammar of business is no be respected.” — French Finance Minister Thierry Breton, expressing “profound concerns” about the unsolicited offer and its lack of advance warning.
- “I'd like to present to you my fellow managers — my son isn’t one of them.” - Arcelor chief executive Guy Dolle, opening a news conference by mocking the presence of Indian-born Mittal’s son as his company’s finance director.
- “There are two types of steel: high-end and commoditised. There are those who specialise in a sort of perfume like Arcelor and others like Mittal who produce Eau de Cologne.” — Dolle.
- “We are not at war here, we are creating value for shareholders.” — Lakshmi Mittal at a news conference.
January 31, 2006: Politicians react
- “I am determined, as is the Government, to do everything to preserve everything that we have worked for and that we believe in … by using all necessary means to fend off the hostile (bid).” — Luxembourg Prime Minister Jean-Claude Juncker.
February 5, 2006: Economic patriotism
- “I wish to state strongly that protectionist impulses have no place in modern economic governance.” — Breton in Financial Times, rejecting claims that France’s “economic patriotism” policy is unfair to Indian and other foreign firms.
February 10, 2006:
- “What do you want out of this economic patriotism? A strong European company, a strong European champion. This is the merger of two European companies: no job cuts, better future, better product, more investment.” — Mittal in European Voice.
February 20, 2006:
- “The concerns (about the Mittal offer) that have been expressed are entirely legitimate. I don’t understand what the fuss is about.” — French President Jacques Chirac in India.
April 3, 2006: Bid doctrine
- “I cannot perceive why there must be hostile takeovers within the EU.” — Jean-Claude Juncker in FT Deutschland.
May 26, 2006: Arcelor engaged
- “We have been courting for a long time. Now it is time to be engaged to be married.” — Dolle, announcing a tie-up with Russia’s Severstal to thwart Mittal offer.
- “Arcelor’s shareholders are being forced to hand over control of their company, whilst being denied a premium.” — Mittal spokesman on the Arcelor-Severstal deal.
June 25, 2006: Mittal victory, Severstal jilted
- “At the end, it was decided unanimously by the Arcelor board (to) recommend the new offer of Mittal Steel. We concluded that Mittal Steel’s was a better offer than that of Severstal.” — Arcelor chairman Joseph Kinsch, after Arcelor accepts sharply higher Mittal bid. — Reuters