Guy Dolle claims many investors oppose Mittal Bid

Guy Dolle claims many investors oppose Mittal Bid

Arcelor CEO Guy Dolle claims that a lot of shareholders in the company oppose the deal offered by the largest steel company in the world Mittal Steel. The senior management of steel group Arcelor has apparently discussed the deal offered by LN Mittal.

Guy Dolle said in a statement that they found that a “huge majority” of Arcelor shareholders oppose the offer. Dolle said: “With (the) offer as it stands today, they (Mittal Steel) will not succeed. Our shareholders are not pleased by this bid.”

He further added that they have till now spoken with around 50% of the stockholders in the company. And in the coming weeks, they would try to get in touch with 30% more to get a better view of how they think about the Mittal Steel offer.

Dolle also said that part of the larger problem with the Mittal’s offer is that the company has come up with any concrete plan since it announced its bid Jan. 27 for what it would do with Arcelor after acquiring it. He further said: “The most important people here are the shareholders and we consider this a bad offer for our shareholders.”